OVERSEAS INVESTMENTS
SUGGESTION OF CONTROL DOUBTS OF MR. SAVAGE (Parliamentary Kaportcr.) WELLINGTON, this day. Official control of New Zealanders’ overseas investments as one means of assisting to meet the loan falling due in January does not appeal to the Prime Minister, the Rt, Hon. M. J. Savage, as a promising expedient. His attention was called by Dr. D. G. McMillan (Lab. Dunedin West), to the action of the British Government which enabled it to purchase £622.000,000 worth of overseas securities by the payment of English sterling. Mr. Savage replied that he had seen the details of this operation. “The Government,” he added, “does not consider it advisable to take action as suggested. While statistics are not available at the moment, it is reasonably certain that the amount of sterling investments held by persons ordinarily domiciled in New Zealand is relatively small. There is a much greater volume of New Zealand investments held by British investors.”
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https://paperspast.natlib.govt.nz/newspapers/GISH19390803.2.37
Bibliographic details
Gisborne Herald, Volume LXVI, Issue 20006, 3 August 1939, Page 5
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155OVERSEAS INVESTMENTS Gisborne Herald, Volume LXVI, Issue 20006, 3 August 1939, Page 5
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