FINANCE OUTLOOK.

Dominion, Volume 6, Issue 1767, 4 June 1913, Page 7

FINANCE OUTLOOK.

HON. J. ALLEN'S MISSION. THE COLONY'S GOOD CREDIT. MATURING LOANS, ARRANGEMENTS WELL IN HAND. (By Telearaßh.—Press Asaooiation.) Auckland, lune 3. Discussing his financial operations id London, the Hon. J. Allen remarked! "Tho three million loan was raised at a very bad iimo. I have 110 hesitation in saying that nobody and no country could have done any better at that moment Tho money market was not in a particularly disturbed state, but there was, »: tho timo, a tremendous demand for nion.-'y all over the world. Tho Balkan troublo had undoubtedly an effect on the market, but not to tho extent people believe. The ,£3,000,000 loan was raised for i po: cent, at 93, with a currency of 30 years— 50 years if we want it. The whole lea can therefore bo redeemed by a payment of .W ss. Od. per year in 50 yearn." Tho amount available for public works is, I believe, XI,750,000? queried t'.-.e pressman. Tho Minister replied: "I think it is about• .01,250,000, but more money haa been raised sinco tlis JC3,000,000 loan at ?■ better rate. I have comc back wt'A definite proposals also to meet two large loans which fall due next year. I refer to five 4J million loan raised last year, and to the other loan maturing next year of about 3J- millions. Both of these learn are 31 per cent, loans, Thoso are tho only loans which we need worry about. All tho others coming duo within the next two years are A per cent, loans. lam not troubling about them at all. I will admit tho two bigger ones mention*! may give some little concern, but that concern will disappear if New Zealand lives within her means, and does not become pxtravagant—in fact, keeps up its reputation on tho London money market. The outlook generally is now -very good rinleed. I think cliango of Government has niado it brighter than ever it was." Speaking of tho money available fo» public works, Mr. Allen declared tlioro would bo a substantial amount this yearsufficient to carry on our public works at as rapid a rate as that at which wo are justified in carrying them. "But .'£ you ask if thcro is plenty of money for public works, I must reply there is not plenty to play .with," ho added.