How Auckland Property Sells

Sun (Auckland), Volume 1, Issue 35, 4 May 1927, Page 3

How Auckland Property Sells

INQUIRY FOR FARMS LOW DEPOSIT HOMES WANTED A desire to own homes of their own is still prominent among Aucklanders and there is a healthy demand for house property, particularly of the modern bungalow type. Buyers for the most part are only prepared to offer a small deposit. Tram and bus fares play a big part in the market, and the demand for homes is keener nearer the city limits. Houses past the second sections are harder to let, and a number of empty houses are to be seen on the outskirts of the city. Big farms are not in demand, and unploughable grazing country is hard to quit. Small farms, for which the seller is prepared to meet the market and take a low deposit, are meeting with a healthy demand, and a number of sales are recorded in various parts of the district. No big property deals have been reported during the last week or so. Property auctions will be conducted this week as under; William A. Horne, Ltd. —At their rooms, corner High Street and Vulcan Lane, on Friday, May 6, at 1 p.m., 8-roomed house, Gordon Road. C. F. Bennett.—At his Queen Street rooms, on Friday, May 6, at noon, 50 acres improved farm land, Pukekohe. The Realty Development Co. report:— Matiatia-Oneroa Ocean Beach Estate: Over 40 sections sold totalling a value of over £3,000. Papatoetoe Model Suburb : Increasing demand with steady sales.—Good inquiry for medium-priced house property and small farms. Alexander and Company report a healthy inquiry for house property oft modern bungalow type, chiefly from buyers offering low deposits. Higher tram and bus fares have increased the demand for both freehold and rented property close to the city.

DAIRY PRODUCE VALUES COMPARISON OF FIGURES A comparison of cheese and butter values for the month ending April 23. 1927, as against the corresponding period for last year, is as follows :

RASH LENDING AMERICA WARNED DISCRIMINATION NEEDED By Cable.—Press Association. — Copyrl&h; NEW YORK, Tuesday. Mr. Thomas Lamont, of the banking firm of J. P. Morgan and Company, today addressed the American section of the International Chamber of Commerce. He said that from the point of view of the American investor it was obviously necessary to scan the situation with increasing circumspection and to avoid rash or excessive lending. Mr. Lamont said he had in mind reports he had recently heard of American bankers competing on an almost violent scale for the purpose of obtaining loans on various foreign markets. That sort of competition tended toward insecurity and was unsound in practice. The speaker indicated that the gross annual interest and sinking funds payable to America on foreign loans issued in New York totalled £200,000,000 a year. With such a vast sum due to America how much further would foreign countries be able to stand this annual burden? Would their exports so far exceed their imports they could continue to accept, by continuous fresh borrowing, the transfer of the sum necessary for interest and sinking funds? The American investor was an intelligent individual and could be relied upon to discriminate. Yet, in the first instance, that discrimination surely was the province of the banker who bought the goods, rather than the investor to whom he sold them. There was need of a warning against indiscriminate lending and indiscriminate borrowing. The Secretary of Commerce, Mr. H. C. Hoover, in an address to the third Pan-American Conference, said no money should be lent to Latin-Ame-rican countries unless it was for productive purposes. Questioned about this statement officials of the State Department said the latter still supervised all foreign loans made by American bankers, but it took no action such as Mr. Hoover suggested.—A. and N.Z. FREEZING MERGER WELLINGTON AND WAiNGAWA Prsss Associatioyi MASTERTON, To-day. A merger of the Waingawa Freezing Company, Wairarapa, with the Wellington Meat Export Company is announced. In future all stock will be handled at the Wellington works. Last year the Wellington company sold its works to Borthwicks, but the Government refused to sanction the sale. Intense indignation is expressed in Masterton, as the capital of the Wairarapa Company was subscribed on the distinct understanding that it was for the purpose of keeping the Waingawa works open in the interests of the district as well as of the town.

BUTTER Last year. N.Z. (sltd.) Dan. N.Z. (sltd.) Dan. 26 150-154 178-180 174-176 190-192 April 2 152-154 1S2-1S4 173-176 190 April 9 150-154 182-185 172-176 182 April 16 151-154 180-182 172-174 178-180 April 23 152-154 172-176 171-172 17 S CHEESE (Coloured) » Last year. N.Z. Can. N.Z. Can. 26 78-80 94-96 97-100 104-110 2 77-78 92-94 97-100 104-130 4 pril 9 75-77 92-94 96-98 106-110 April 16 76-77 ''92-9 4 95-97 106-110 April 23 76-77 92-94 92-94 106-108