The Te Puke Times THE MONEY MARKET.

Te Puke Times, Volume II, Issue II, 24 February 1914, Page 2

The Te Puke Times THE MONEY MARKET.

In commenting on the announcement that the Wellington City Council intends seeking authority from the ratepayers to raise a loan of £200,000, the writer of the financial notes in the Wellington Post says that the news did not come as a surprise. It was, in fact, expected that not only the City Council, but the Harbor Board also, would seize the opportunity of cheaper money to take steps for obtaining fui)ds for the prosecution of necesssary developmental works. Unfortunately at the monment there seems to be a sudden but not wholly unexpected calm. During January alone Australasia, Canada, and India, together with Canadian and Indian railways, raised in London £18,000,000, as compared with £6,500,000 raised by borrowers of this description in January, 1913. This includes t'ie New Zsaland Government £4,500,000 loan no doubt, but not the South Australian and other subsequent issues. Private cable advices received in New Zealand from London this week show that owing to the flooding of the market with issues it is just possible that the rates may have a slightly hardening tendency within the very near future. In view of such a contingency the Government is to be congratulated upon taking fortune at the ebb-if the ebb is near. The same remark applies to the oversubscribed Auckland City Council's issue at par £224,000 debentures' at 4A per cent. Christchurch, too, was able to negotiate its loan for £100,000 at4| per cent. It remains to be seen whether the public will subscribe as freely for any other loans that New Zealand local bodies propose to float.