THE MONEY MARKET.

Wairarapa Age, Volume XXXII, Issue 3163, 14 April 1909, Page 5

THE MONEY MARKET.

STATEMENT BY SIR J. G, WARD.

By Telegraph—Press Association, WELLINGTON, April 13.

Speaking at .the Chamber of Commerce dinner, tendered to-night, to the delegates' attending the conference, Sir Jos< p!i Ward contradicted the statements made by Mr Kettle cfanng the day's discussion on the effects of JHe mortgage and graduated land taxes. The statement had been made, said Sir the Government was responsible' * or tne stringency in the money marked fry absorbing local money. That was contrary to fact. During the last twelve months the Government had only borrowed from the public in New Zealand between £90,000 and £IOO,OOO. That had been unsolicited. While in the meantime the Government had brought a very large sum of outside money to the country, the sum they had brought in and circulated ran into several hundreds of thousands of pounds. As to the statement regarding the difficulty of obtaining money in New Zealand through the Government institutions, he regretted it had been made. During the last twelve months the Advances to Settlers Department had lent out in cash nearly two Millions. At the same time the Government had lent £250,000 to local bodies, making a total considerably over two millions. Then it had been said that the Graduated Tax was imposed upon buildings, but he wanted to say that there was not a building in any part of New Zealand upon which taxation was levied by the Government. Another statement he wanted to contradict was that on account of the operation of the Mortgage Tax, money was not coming into New Zealand. As a matter of fact, he had within the last six weeKs rafused Australian money amounting in one sum to £250,000, which was offered for investment in New Zealand at 4 per cent. In addition, during the coming month the sum of £235,000 had been arranged for in Australia for investment in New Zealand at four per cent.