FAIR TREATMENT

Evening Post, Volume CXXVIII, Issue 25, 29 July 1939, Page 10

FAIR TREATMENT

BRITISH SUPPORT

PAYMENT BY INSTALMENTS'

! Mr. Andrew Hamilton, chairman of the Wellington Stock Exchange, considers that New Zealand has received fair treatment as to the £17,000,000 loan conversion. While there were several details in' connection -with the conversion that were not yet clear from the cabled information, - there was no doubt that the rate of interest had generally been expected to.be considerably higher.

"Great Britain has treated us generously ana fairly in the, circumstances, particularly when it, is. remembered that underwriters have been left, with ithe bulk of other recent loans," he said. Though queries might be raised about the instalments we were asked to pay, the fact remained that we had a debt of £17,000,000 sterling to repay in January next with practically nothing in hand with which to make repayment. However" we examined the terms of the conversion, it must be obvious that Britain had stood behind us when we badly needed help. Fanciful theories and costly experiments had placed us in a position where the debtor might have been forced to accept any terms. But even with these factors against us we had received fair treatment and such consideration as we deserved. It was to be hoped that we heard no more tirades against the dreadful London "financial gangster," and that those people who had publicly stated their opinion that they owed no allegiance to Britain might feel shame for their thoughtless utterances. -

"To sum up," said Mr JKamilton, "it would appear that once again New Zealand must have feelings of gratitude to the Old Country, particularly when we remember the burdens she is carrying in respect of Empire defence, and not forgetting that we have much heavier indebtedness falling due in the next few years."