Overseas Assets
Sir, —“The Press” of February 7 outlines the exchange transactions for 1965. The deficit of £12.2 million would, of course, have been £34.5 million if the Government had not borrowed £22.3 million from the I.M.F. New Zealand has securities invested in Britain to cover such eventualities as major earthquakes, etc. I would like to ask Mr Lake: has he, as Minister of Finance, sold any of these securities in the calendar year 1965? If this has been done it would, of course, make a worse balance of payments than is actually shown —Yours, etc., BRUCE G. BARCLAY Halswell, February 7, 1966 [Between the end of June and the end of September last year, £8.7 million worth of overseas securities held by the Treasury were sold. The £25.3 million of Treasury-held overseas assets at September 30 last year excludes funds held abroad by the Earthquake and War Damage Fund.—Ed., “The Press.”]
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Press, Volume CV, Issue 30979, 8 February 1966, Page 16
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152Overseas Assets Press, Volume CV, Issue 30979, 8 February 1966, Page 16
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