Loan From Europe?
(New Zealand Press Association!
WELLINGTON, July 10. New Zealand was following up the possibility of raising loans in Europe, the Deputy-Prime Minister (Mr Marshall) said today.
Mr Marshall had talks in the United States. London and Europe on the prospects of loans. He said New Zealand would be able to raise some money in London this year, but would have to pay a 1 per cent investment allowance on any loans from the United States.
| the possibility of raising finance for agriculture and for the iron and steel industry. He also had “general discussions” with the Internanational Monetary Fund. "As far as raising finance in London is concerned, the British Government themselves are not in a good financial position,” he said. “But they will be sytnpa-
ation of the restrictions,” he said.
“In the meantime, he assured me that if New Zealand was prepared to pay the 1 per cent investment charge no obstacles would be put in our way.” Mr Marshall said New Zealand financial advisers in the United States felt that at present the market was tight and money was not available. While he was in London he also had talks on the possibility of raising loans on the European market. This included Euro-dollar finance.
Mr Marshall said that interest on loans from Europe would not necessarily be higher than from other sources.
thetic to New Zealand’s needs and we will be able to raise some money in London this year,” said Mr Marshall. i The United States Govern-
The world-wide demand for capital was such that interest
ment was not prepared to waive its investment tax for New Zealand, he said. “The Secretary of the Treasury told me that it was not possible at this stage to make exceptions, but New Zealand and Australia are regarded as countries with the highest priority in the event of relax-
rates were uniformly high. A European loan might be arranged on more favourable terms than one from the United States because of the investment charge. In the United States he discussed with the World Bank
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Press, Volume CVI, Issue 31108, 11 July 1966, Page 1
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348Loan From Europe? Press, Volume CVI, Issue 31108, 11 July 1966, Page 1
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