THE MONEY MARKET.

Press, Volume L, Issue 14886, 28 January 1914, Page 10

THE MONEY MARKET.

.\■■ ;: .. « ~- . ANOTHER STATEMENT BY SIR JOSEPH WARD. (■PECIAIi TO "THE PBBSS.") AUCKLAND, January 27. In the course of conversation with Sir Joseph Ward this morning, a Pressman drew the attention of the Leader of the Opposition to the comments of the Hon. James Allen on the loans raised in London by his predecessors, with special reference to the four-year loan raised by Sir Joseph himself and the two-year loan raised by Mr Myers a≤ Finance Minister ot the Mackenzie Government. "Yes, I have read the statement made by the Minister of Finance/ said Sir Joseph Ward. '"lie recapitulated the old story of the intrigues of party politics in connexion with the financial operations of the country. Ido not propose at the present time to discuss the matter," he added, "other than to say that no one knows better than the Minister of Finance that he was not acting fairly or justly by confusing two loans raised by two' different Governments. The last loan for which I was responsible was for four years at 3J per cent., with the, right of conversion into, I think from memory, a 32J years' loan, and as & matter of fact a considerable amount of that loan had been converted into that period. In contradistinction to the affirmation of tho Minister of Finance in condemnation of short-dated loans, thoro is scarcely a country of any consequence for years past that has not followed the course of short-dated loans, with the ultimate object of putting them upon the market for longer poriods when the conditions suited. Tho need of paying double brokerage and double charges, as is now suggested, is to a very largo extent a new one. as a very large portion of all the loans renewed during my time as Minister of Finance was renewed at a comparatively small cost, as compared to what is paid for the brokerage and charges of raising new loans. . The fact, therefore remains that the least costly way for a period of years to the Dominion was undeniably the best in the general interests of the country."