THE MONEY MARKET.

Press, Volume L, Issue 14979, 28 May 1914, Page 5

THE MONEY MARKET.

A WELLINGTON MERCHANT'S COMMENTS.

(PKESS ASSOCIATION* TELEGRAM.) WELLINGTON, May 27

The president of the Wellington Chamber of Commerce (Mr C. W. Jones), in an address at tho annual meeting to-day, said:—"Twelve months ago our president said: ' Money is dear, and promises to continue so.' But since then the financial outlook has greatly improved. The reduction of the Bank of England rate from 5 per cent., at which it had stood for some time, has again made it possible for colonial governments and local bodies to borrow in London and resume the prosecution of the necessary development work. This is beneficial, not only because it hastens the opening up of our national resources, but still more, in my opinion, because it diminishes local borrowing by municipalities,, harbour boards, ana so on, of which there has been too much lately. For I hold that, in a country like New Zealand, which is only in tho infancy of its development, public works should be carried out by foreign loans. This leaves local things free to bo used in what may be called fertilising directions, and the development and extension of tho various trades, industries, {and enterprises that go to mako up the complicated fabric of the nation. It is Itrno tliat there is as yet no porceptible easing in the local rates for inonoy, but our best authorities inform mo that there is no doubt that tho supply is now sufficient to meet all requireinonts, and that if low rates continue in London they must, cxc long, bo represented in our local market."

A NEW REMEDY. Dγ ! Sheldon's Gin Pills for Backache 'and Kidney Troubles are an excellent Remedy which has only to bo triod to ho appreciated. Pnce, Is 6d and 2a 6tL Obtainable everywhere. 4