NEW ZEALAND POUNDS

Gisborne Herald, Volume LXVI, Issue 19980, 4 July 1939, Page 6

NEW ZEALAND POUNDS

BONDS FALL AT HOME DEFAULT NOT FEARED QUERIES IN COMMONS (Klee. Tel. Copyright—United Press Assn.) (Heed. July 4, 1.30 p.m.) ' LONDON. July 3. As -a result of publicity given to cable .messages from Now Zealand reporting the development of a “black market” for New Zealand pounds, .New Zealand bonds fell sharply today on the Stock Exchange, the drop ranging from one to three points. Banking circles, however, do not believe that there is any immediate danger of any default on commercial payment, but" the situation generally is regarded ,as increasingly serious. Replying to questions in the House of Commons to-day the Financial Secretary to the Treasury, Captain I-I, F. C. Crookshank, said l he was unable to add l to the answer given on June 21 by the Chancellor of the Exchequer. Sir John Simon, who said that the New Zealand Minister of Finance, Mr. W. Nash, was visiting England to discuss various l matters, including finance, and it would l not be possible to comment on them till the discussions were concluded, but lie was able to state that no question of a guaranteed loan arises. Mr. Ellis Smith (Lab.. Stoke) asked: “Is not most loyal New Zealand worthy of better treatment from the Government?”

There was no reply. Mr. Nash and the New Zealand l High Commissioner, (Mr. W. .J. Jordan, are officially visiting Dublin.