IDLE MONEY

Hokitika Guardian, 23 July 1929, Page 2

IDLE MONEY

INVESTORS’ GUIDE SUGGESTED.

AUCKLAND, July 21. The institution of a system whereby official approval would he given to investment schemes by a representative committee of business men, in order to effect the release of large sums of money lying idle in the banks, was advocated by Mr M. 11. Wynyard, chairman of the Auckland Harbour Hoard, in an address at the Commercial Travellers’ Club last night. Mr Wynyard deplored the fact that although money was more plentiful than it had been Tor years, little of it was being invested. As a result, progress in many directions was being arrested. The country needed more ready money for investment in sound schemes, and if this could be obtained, present unemployment difficulties would he materially assisted. The nature of investments had changed noticeably. A few years ago the majority of .investments were in larm properties, but on the slump being experienced investors turned to other things. Had it not been for the fact that the Government, went to the assistance of the farmers conditions would have been much worse than they were to-day. City and suburban building investments later claimed attention, but iheso had not proved successful, and at present very few investments were being made except in local ibody debentures. There appeared to be little else attractive enough for the investor, and some form of guide should be given to those who could assist in keeping money in circulation, instead of lying in the banks. The Associated Chambers of Commerce might do useful work in appointing a special committee for the purpose of investigating schemes advanced for investment purposes. Quite a lot of money would bo saved, and many invests ments worthy of public attention would be'.given needed prominence if something of that nature were done. Much good might attend a scheme wherdby a responsible body gave its approval to proposals which it considered were good, and indicated those which it did not consider good. This would give satisfaction to investors, and no doubt would open up many works now being held up for lack of confidence on the part of the investing public.