NEW ZEALAND FINANCE.

Thames Star, Volume LIX, Issue 16645, 16 November 1925, Page 4

NEW ZEALAND FINANCE.

WHY THE LAST LOAN FAILED. EXTREMELY UNLUCKY MOMENT. HON. PEMBER REEVES' VIEW. “On the subject of New Zealand’s prosperity, 1 don’t think a great deal need be made of the failure of the recent loan floated at Home,” said the Hon. Pembor Reeves, in the course o£ an interview. “The loan was put out at an extremely unlucky moment. I don’t blame the High Commissioner or his advisers in the least. Sir James Allen is a good High Commissioner. He is extremely careful and laborious, and he holds his position with dignity. And once the loan was brought out, it must be remembered, the responsibility of the High Commissioner ceased. [ assume (I was behind the scenes) that the underwriters desired the loan to go forward. Its failure was due to a combination of circumstances—the return to the gold standard, the election of Hindenburg as President of Germany, the fall of the French Ministry, and considerable trouble which threatened in the principal industries of England. Also, and this must have been known to a good many people, the London County Council was on the eve of coming out with a very large loan, which is always a popular investment, and probably a great many people held off for it. “Of course, it must be remembered that we have been borrowing very heavily and we must beware. We must not borrow so much. I think that prudence is called for, but I am not the financial adviser of the Government, and I say no more. That Word “Control.” “Another matter which strikes me is the amount of trouble which we have been taking to gain control over some of our supplies to England, so as to ensure an adequate amount arriving and not to flood the market at any one moment. It seems to me—it is a very small matter —but it seems to me that the selection of the word ‘control’ for the title of our various bodies—the Meat Control Board, the Dairy Produce Control Board, and so on —is a little unfortunate.' The word is one which is likely to receive little sympathy at the other end. It implication will be that Colonials are attempting to gain control of the market. The less said about control the better. Scientific Advertising. "There is one very big thing, in this connection, which we shall have to consider, and that is scientific advertising. This will have ttf he adopted to a greater extent than it has been hitherto. You see, we have done just about everything possible at this end, and now we must consider the other end, and see what steps can be taken to improve our position. The amount of ignorance in Great Britain is really extraordinary. The people we must reach are the small retailer and the consumer—to them cur advertising must get home. The people are ignorant about our goods, where they can be bought, what price they should give, and everything else. I am inclined to think that this is a side of the marketing of our products which needs a- great deal of, inquiry and on which a great deal can be done.”