MONEY MARKET FIRM.
ENORMOUS DEMAND. Commenting on the reduction of the bank rate in London, Mr. Harold Beauchamp, chairman of the Bank of New Zealand, said: “The fall is no dqybt due to two causes—the industrial inactivity in the United Kingdom at present, and the policy of the Imperial Government in prohibiting further loans required by other countries than. Great Britain. These two causes are producing a large amount of free money just now. The money is not being lock up, consequently the bank rate came down.
“We do not benefit directly by it; but it is rather a hopeful feature for those countries that will be on the market for loans a little later on, when this restriction is removed. Ido not think, however, that there is the slightest likelihood of its easing monetary conditions here, because there is such an enormous demand for money in the Dominion. Owing to the prevailing financial stringency, I do not think there is any chairne whatever of the rates easing here for some considerable time.”
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Taranaki Daily News, 30 July 1921, Page 11
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173MONEY MARKET FIRM. Taranaki Daily News, 30 July 1921, Page 11
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