NEW ZEALAND'S CREDIT.

Wairarapa Age, Volume XXXII, Issue 3145, 24 March 1909, Page 7

NEW ZEALAND'S CREDIT.

Mr S, J. Nathan, of A. H. Nathan, Ltd., • Auckland, who returned to New Zealand from London by the Connthic, was interviewed by a "Post" reporter upon the position occupied by New Zealand in the mind of the British investor. Mr Nathan had exceptional opportunities of observing things financial at Home, and his view is. besides, entitled to the respect due to an observant New Zealand merchant. "Ithink," he said, "all the New Zealand loans did remarkably well at Home. There was at the time, too, a strong demand for money, and one would have thought that such loans as the Auckland. Wanganui and Westport Harbour Board loans would not have attracted the attention they did. The terms were, of course, attractive, but the money was there when wanted just the same. Canada, too, was in tie market, and for millinns, for Government, municipalities and railways; nevertheless, New Zealand was in strong favour. This country is very favourably regarded at Home as sound, productive, and, on the whole well administered. There was an impression abroad that Canada was borrowing just a little too much. Wherever I went I found i New Zealand well spoken of, and I do not »io» refer only to the financial world." Mr Nathan was asked if there was any money available for industrial undertakings in New Zealand. In reply, he said, "I fear reports of labour's doings and of labour legislation here, and its probable consequences are much exaggerated. They are sent Home in an extremely abbreviated form, and unfortunately the antidote does not always go with them. At the same time, I cannot say that they actually do prejudicially infiuen ce British money flowing our way for industrial undertakings. For the matter of that, while there is undoubtedly j plenty of money in England, it is < held on to with unrelaxing hold, or is I put into superlatively gilt-edged securities. There is very little money, j comparatively speaking, available for industrial purposes. Whatever j the causes, whatever the remedies - I tariff reform or otherwise —I know |l not, but this I know, that trade at || Home was terribly dull when I left. j Quite large houses are feeling most keenly, as they never felt before, the effects of German and American competition among themselves. There were, I could see for myself, many bogus unemployed, but there can be no masking the fact that there is a shocking amount of genuine distress attributable to want of employment. This, of course, hits all retail trades very hard indeed. Sound 1 , oldestablished houses of repute are now, aiid hdve for a long time been, among tlic non-dividend paying undertakings. The problem before England to-day is a very serious one, and how it is too be solved quite passes my understanding."