THE FINANCIAL POSITION.

Dominion, Volume 2, Issue 535, 16 June 1909, Page 9

THE FINANCIAL POSITION.

■ AUCKLAND, OPINIONS. Ini TII.tGKAI>I.-triCIAI. CU!t!tF.SroSIIEMT.I , Auckland, June 15. Tho general feeling in Auckland in regard to tho financial position is that money is gradually easing. Divergent views are held, however, as to the extent of tho improvement. ,Ono bank manager, on being seen , by a "Herald" reporter, would not go beyond the statement that things would not got any worse. He pointed out that though tho action of merchants in cutting down their indonts had had a corrective tendency, practically no free money was fioming into the Dominion at the present time, as no wool or butter was being sent away. The demand for money was still large, and ho thought it would bo some time before the rato of interest fell. In expressing the view that in sis months timo tho market, will bo much easier than it is now, another banker gave it as his "opinion that even then money will not bo.so plentiful, as it was a few years ngo. Ho was, however, disposed to believe that already an appreciable change had sat ih. One of tho leading morchants of the city had informed him that no had less difficulty in getting monoy from country customers last mouth than at any timo during tho past tw.) years. This the banker considered u distinctly hopeful sign ill view of the fact that money is generally scarcer with farmers during tho winter months than at other times. ' A good wool clip and good prices would reliovo the market considerobl.v. He did not expect to sec rates of interest fall for some timo. Throughout the whole trouble the banks had only raised 1 tho rato of interest about 1 per oent, on good business, With, regard to tho statement that money would bo obtained on mortgage at 4) to !> per cent, in Australia, lio thought this must lw under special circumstances. For ordinary business In thought the rato would be nearer 5J per cent. In his own opinion the banks deserved the thanks of the community for .foreseeing the crisis approaching two years ago and discouraging land speculation. Had i.liey not done M> the position would have been much worse. The banks would not again touch business' which properly belonicd to such bodies as loan nooletien," and which they hud formorly . jinderUkeft.