COMMERCIAL.

Taranaki Daily News, Volume LII, Issue 25, 23 February 1909, Page 2

COMMERCIAL.

SYDNEY WOOL SALES. ." Received 23, 0.55 tun. Sydney, February 2rl. At the wool sales, competition was very brisk at Inst week's rates.

I MONEY REPORT. Mr. C. E, Major, Mortgage Agent, Hawora, reports:—The stringency of the money market still continues," notwithstanding predictions of optimists of the• return to cheaper money, Of'tho various statements as to 'the dearth of money, the primary and most generally accepted is that the close corporation of the five banks doing business in New Zealand do not possess sufficient capital to meet the requirements of the people of the Dominion during a period of slum]), such as is now being experienced, caused in a great measure by the fall in the value of wool and flax. Political economists are of opinion that banking should be thrown open to all who are competent to engage in it. The fivo banks in New Zealand at present cannot cope with the legitimate requirements of thousands clamouring for help. We require many banks specialising to meet the needs of sheep farmers, graziers, dairy farmers, manufacturers, and busi-

ness people generally. Personal credit is now imknown-a thing of the pastyet it is essential to develop thia Up any country. With bank credit, produce could be held by the growers and millions saved t» them. The Government through t|„. Advances to Settlers has done much good, lint the Government credit, like that of every country in the world, has its limitations and the Department cannot act as hanker for the Dominion, Lenders demand! high rates upon any security that does not bliow a broad margin and is not revenue protag. There appears no immediate likelihood of money becoming more plentiful or cheaper. 1 quote rates at' fi'/s per cent, up to 7 per cent., varving with the security offered.