Untitled

Taranaki Daily News, Volume LIV, Issue 302, 18 June 1912, Page 4

THE MONEY MARKET.

The Hon. T. Buxton, Minister for Industries and Commerce, referring to the £4,000,000 loan, remarked to a Christchurch interviewer that it was a matter of common knowledge that money, both for public and private purposes, had hardened considerably during the last six months. This was not peculiar to New Zealand, but was practically the case all over the world. Money was particularly tight in Australia, it was difficult to put a finger on the cause of the tightness, but he was inclined to think that in New Zealand a lot of lnoney had been locked up through a prevailing love of luxury and extravagance. It was estimated that £2,000,000 was locked up in motor-cars alone, and that might be one of the contributory causes. So far as the general position of New Zealand was concerned, judging from present prospects, ihe hoped to see the exports Tight themselves in relation to the imports. Grain, produce, butter, cheese, wool, and meat had all yielded heavily this year, and were realising much above the average prices. All shipping space for the past five months had been taken up, and probably the same would continue for the next two months. Such large shipments must bring a considerable amount of gold into the country. The exports up to the present were largely in excess of the return for the corresponding period .of last year.