THE MONEY MARKET.

Taranaki Daily News, Volume LVII, Issue 161, 14 December 1914, Page 2

THE MONEY MARKET.

REVIEW OP PAST YEAR. EFFECTS OF THE A\ r AR. At the annual meeting of the Auckland Stock Exchange, the chairman said he thought they had good reason to congratulate themselves that notwithstanding the depression that had prevailed for some time their financial position was about the same as last year. The past year had been a trying one for the broker. Twelve months ago they were suffering from the effects of the strike, and to-day the Empire was, with others engaged in a desperate struggle for existence. He was very pleased that the apparent panic which followed the declaration of war only lasted a very short time, and the leading stocks were now sought for at fairly normal rates. "I am of opinion," continued Mr. Buttle, ' "that this is only a temporary lull, and that ere long trade in the Dominion will resume its normal proportions, and that it will be shown that as a nation Britain can carry on a mighty war and still maintain its commrecial activity as if nothing out the usual was occurring." A UNIQUE OPPORTUNITY. To the speaker it appeared that the complete destruction of Germany's oversea trade and the general disorganisation on the Continent in consequence of the wide area over which the war was raging, offered a unique opportunity to Great Britain to expand her commercial relations to an extent never yet dreamed of by the merchant princes of the Empire. If British manufacturers and merchants were quick to seize the opportunity then the war would result in an era of prosperity in every corner of the Empire, such as the British nation had never previously experienced. If his prognostications proved correct, then those on the Exchange would reap some of the benefits accruing from that prosperity, and the volume of business resulting therefrom would be large SELF-CONTAINED NATION. The war had cemented the bonds of Empire aj never hitherto attained, and if the Imperial statesmen were wise they would use their efforts towards fostering trado and commercial relations within the Empire. With territory stretching over the whole circumference of the world, and witli climatic conditions such as were enjoyed by no other Empire, there was absolutely no reason why, in the near future, the British should not become a self-contained nation. To secure the full benefits of the heritage, however, it would be necessary for the British manufacturers to be on the alert, and if they were wise they would employ experts, whose business it would be to ascertain what the people wanted, and then the factories would be found manufacturing just those articles which the public wished to buy.