TOO MUCH IDLE MONEY

Sun (Auckland), Volume III, Issue 721, 22 July 1929, Page 10

TOO MUCH IDLE MONEY

INVESTORS HELD BACK BY UNDUE CAUTION ADVICE SYSTEM OUTLINED Advocating a system which would have the effect of inducing moneyholders to make investments instead of keeping capital idle, Mr. M. H. Wypyard, chairman of the Auckland Harbour Board, made an interesting suggestion during a speech at the annual dinner of the Auckland Commercial Travellers’ and Warehousemen’s Association on Saturday evening. Mr. Wynyard said that money now was more plentiful than it had been for years, but little of it was bcii)g invested. This was to be deplored, because the country needed moreready money for investment in sound schemes, and if this were obtained the unemployment situation would grow easier. The speaker went on to say that the type of investments had changed considerably in recent years. Farm property was good until the slump came, and then came building investments in city and suburbs, but these were not successful. At present little was being done except in local body debentures. Mr. Wynyard recommended a system under which a representative committee of business men could give approval to investment schemes. The Associated Chambers of Commerce could also do useful work in investigating schemes put forward for investment purposes. ‘‘This would give satisfaction to investors,” said Mr. Wynyard, “and would aid many works now being held up through lack of public confidence.”