STATEMENT BY PRIME MINISTER.

Press, Volume L, Issue 14888, 30 January 1914, Page 7

STATEMENT BY PRIME MINISTER.

(special to "the razss.") WELLINGTON. January 29. Interviewed on th© subject of the i above by a "Post" representative, the | Right Hon. W. F. Massey said:—"We , have to raise an unusually largo sum of money this year, by reason of the fact that so many short-dated debentures fall due between now and the 31st December. Wo have, of course, to raise a certain amount of money for Public Works and for the lending departments, and these facts, taken together, necessitate our going on to the London market for very much larger sums than usual. Our agents advise that the credit of the Dominion stands well at present, and in view of that fact, and seeing that thero is an appreciable drop in the price of money at Home, it is understood that thero will bo no difficulty in placing the loan. The greater part of the amount raised will bo required for ordinary development purposes and for the requirements of the lending departments. Wo shall require another loan before the end of the year to enable us to redeem a large amount ol short-dated debentures which are falling due. It may be added that, though the borrowSig scssns very heavy, the net increase of indebtedness for tho year will not be above tho average." Tho Prime Minister went on to give particulars of the short-dated loans which have to be mot by the 31st December, which aro as follow:— £3,142,600 floated by tho Ward Government (unconverted portion of the five million loan), 31st December, 1910; £4,500,000 floated by the Mackenzie Government, 7th Juno, 1912; total, £7,642,600. In addition, about £300,000 is falling due in Australia this yoar. The Primo Minister added that considerable sums were falling duo in New Zealand, but tho Government anticipated no difficulty iv dealing with debentures which were locally held. He went on to quote, by way of comparison, Australasian 4 per cent, loans, which havo been raised during th© past year or so:—Victoria, June, 1913, £3.000,000 at 98; South Australia, July. 1913, £1,000,000 at 97; New South Wales, August, 1913. £1,500.000 at 9?i; Victoria, September, 1913, £2,000.000 at 98; Western Australia, November, 1913, £1,000,000 at 97; New Zealand, October, 1913, £3.500,000 at 98J; New South Wales, January, 1914, £3,000,000 at 96; Victoria, January, 1914, £1,000,000 at 97.