REPLY TO THE HON. T. MACKENZIE.
(Fkom Oub Own Coerespokdehtj
AUCKLAND, August 10. In reference to the statement of the Hon. T. Mackenzie at Palmerston North on Saturday as to the financial position of the Dominion, a well-known bank manager informed a Herald representative yesterday that the excess of exports over imports as compared with last year seemed to him imaginary. With regard to the Minister's statement that the money market was now relieved, and that already money at reduced rates was available for all sound investments, this gentleman stated that, although the" market was now a bit easier, with a good possibility of better times in the future, money was still as deaT as ever, and was still very hard to get at 6 per cent. There were at this very time several local bodies which were very anxious to borrow money, but could not obtain it. Again, it was almost impossible to borrow on country security. He quoted one case he knew in which £12,000 was required on a £30,000 country security at 6 per c«jt., but the money could not be obtained. Of course, a small amount like £200 or £300 might fairly easily be obtained. Ab to Mr Mackenzie's statement that the- iiast year's figures had been f»-t on banking to the extent of nearly P.I 000,000, this had been counteracted by the f^ct that that amount had soon been fiivaUowe \ up by several big municipal loans that had been floated.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/OW19090818.2.289
Bibliographic details
Ngā taipitopito pukapuka
Otago Witness, Issue 2892, 18 August 1909, Page 53
Word count
Tapeke kupu
245REPLY TO THE HON. T. MACKENZIE. Otago Witness, Issue 2892, 18 August 1909, Page 53
Using this item
Te whakamahi i tēnei tūemi
Allied Press Ltd is the copyright owner for the Otago Witness. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.