Import Cuts and Loan Repayments

Chronicle (Levin), 2 April 1948, Page 3

Import Cuts and Loan Repayments

1,11 .'!■ W. I r, ; ' AUCKLAND, April I. - "No arrangement has been made to repay this year the London loan of £24,000,000," said the Minister of Finance, Mr.' Nash,. when interviewed on his return by .air from Havana, The Minister was asked whether the loan was to be repaid, whether repayipent would be out of current income, and if . sb,>: whether this accounted for the reduction of; £20,000,00 in import ticences granted for this year. "I do .. not think there iS anything more to be said than I said in my , Budget speech last year," the Minister answered: . No arrangement had yet b'een made to • repay the loan and although the British Government might have an idea that New Zealand would repay.it this year, nothing had been settled. ! "They are not necessarily linked together," Mr. Nash replied when asked again if.it was proposed to apply to the loan redemption, the £20,000,000 cnt from import lieenees. .He asked why this suggestion had been made and when it was stated that the opinion was widely;hbld inicbmffiercial cireles * th%t th(s. Goviifcumeiit wa5s 'ljkely tb follow tlns/ccun^e^ th®'| Mi^isl^r sfbcalied •thh'li iaioM^WUav'kojl. t^A j oiilyjhio'nfey5 tMat:Iji^w Zdajpid |ha& i& LDndbhV, There wbH ^fec^hul&t|d balances. : \ "" "