BANKER’S IMPRESSIONS

Hokitika Guardian, 26 November 1929, Page 2

BANKER’S IMPRESSIONS

AUCKLAND, November 22

“ Both from the financial and productive points of view, New Zealand is still held in high esteem by people at Home,” said Mr A. L. Kennedy, secretary of the- Bank of New South Wales in London, in summarising, prior to his departure by the Maunganui from Auckland, the impressions he had formed as the result of a seven weeks’ tour of the Dominion. The tour just completed by Mr Kennedy, his first in New Zealand, was one of a series arranged by the bank ifor its senior officers to enable them to see something of the territory covered by the bank’s operations, and to make personal contact with some of the bank’s customers.

11 Your country impresses me, both because of its natural beauty and because of its productive capacity,’ said Mr Kennedy. “ I think that you can progress still further with increased use of artificial fertilisers and more selective breeding of high yielding cows. “It appears that Australia is in for rather a bad spell financially, as that country will be receiving something like £15,000,000 to £20,000,000 less for its wool clip this season. That will make the London exchange dear, and, of course. New Zealand will not be able to escape the effect of that, although theoretically that effect should not be so severe here as in Australia: I mention that fact to indicate to business people on this side that they should exercise a little caution. New Zealand is fortunate at such a period in that it has other exportable commodities in addition to wool. Buffer and lamb appear to be realising good prices, and that should help to compensate for any deficiency there will be in the wool cheque. “ The London position looks very much better with the drop in the Bank of England rate, and there has also been a drop in the American rate. It appears then as if the difficult period is beginning to adjust itself.”