THE FINANCIAL POSITION.

Gisborne Times, Volume XXVI, Issue 2191, 15 May 1908, Page 3

THE FINANCIAL POSITION.

VIEWS OF MR. JOHN DUTHIE.

STRINGENCY CAUSES NO MARKED .EFFECT.

Press Association. CHRISTCHURCH, May 14. Mr John Duthie, of Wellington, who, when in active politics, was one of the keenest critics of the public finances, and who is an exceptionally capable business man, says that up to the present time he has not seen any marked effect of the slight stringency caused iby the fall in the price of wool and by the internal borrowing operations of the Government and local bodies. Mr Dutliie is the head of a large hardware firm in Wellington. He is at present staying in Christchurch and he told a reporter in this city last evening that his business gave reliable indications of the state of affairs of this country. To show the confidence that exists, he stated that the output of fencing wire, for instance, is quite as large this year as it has been in any previous year and the consumption of that article has not received any check. The general trade with tho country- is also well maintained and the volume has shown no sign that it is likely to decrease. At the present time six pel* cent, is being freely paid in Wellington for mortgages on house property but, as far as Mr Duthie knows, the only effect of the stringency is to place an extra one per. cent on mortgages. He says that he can’t of course say wbat the effect will be Tf the tightening continues. Land agents in Christchurch state that there has -been no fall in land values in either the city or the country. They do not feel that landi in Christchurch has 'been abnormally high and they see no reason why a marked fall should be feared, i he head of a large firm stated that last month he sold several Canterbury farms at a considerable advance on prices paid- by tlie previous owners. Three -weeks ago lie sold a block of 1700 acres for about £IO,OOO to a man who had travelled- almost from Auckland to the Bluff in search ol a suitable property and who, m all his travels, saw nothing at the price that could compare with the Canterbury farm ho bought. Fairly good sheep country in mid-Canter-bury has been sold at from £o to £lO an acre. For land that will carry one sheep to tho acre up to £8 is being paid. In the business centres, and the suburbs also, good prices are paid. He adds.that there is not much speculation in land in Christchurch and people who -buy generally seek business or residential sites which they intend to use.