NOTES WORTHLESS
OUTSIDE N.Z.
REGRETTABLE FACT
(By Telegraph—Press Association.) AUCKLAND, This Lay.
"It is most regrettable to find that the New Zealand £1 note is absolutely worthless beyond our own borders," said Mr. A. G. Lunn, immediate past president of the Associated Chambers of Commerce. "This might have been avoided if the Government had taken a broader view and more expert advice in respect to financial affairs before embarking on huge expediture for public works, etc., which it is evident the country could not afford.
"Apparently between £8,000,000 and £9,000,000 have been borrowed from the Reserve Bank for State purposes, and this must be regarded as a process of inflation. Probably the proposed internal, loan will be used first to fund this indebtedness, but some check must be put on the country's extremely high expenditure to bring the finances back to a safe and sound level.
"It is to be hoped that no steps will be taken to interfere with free exchange or the purchase of stocks and stiares within the Empire, as this must conduce to a reduction in the value of New Zealand securities in Britain."
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19381207.2.112.2
Bibliographic details
Evening Post, Volume CXXVI, Issue 137, 7 December 1938, Page 15
Word Count
188NOTES WORTHLESS Evening Post, Volume CXXVI, Issue 137, 7 December 1938, Page 15
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