N.Z. LOANS

Hokitika Guardian, 12 January 1929, Page 6

N.Z. LOANS

' |r 'CREDIT IN LONDON HIGH. SIR .THOMAS MACKENZIE’S VIEWS AUCKLAND, Jan. 10. “Our credit in England stands as high as that of any country, and higher tl;an a good many,” commented Sir Thomas Mackenie this morning. The ex-High Commissioner, who returned from the Homeland a few days ago, stated that as long as the Dominion’s loans were reasonable in size a ready arid cheap response woidd be found in London. “1 was in England when the General Election was in progress,” he said, “and financial circles were rather shocked when they read that Sir Joseph Ward proposed to go on the market for £70,000,000. The explanation that I have since seen of the proposals puts a very different complexion on the matter, but at tho time the scheme stood without an explanation of the method of spreading the borrowing over a mim. be rof years. If a full announcement had been cabled at the time there would have been no unfavourable comment.

“They distinctly got the opinion at Home that the £70,000,000 would be required in one year,” said Sir Thomas, “but when the full details came to hand it was evidently realised that it was. ony a normal borrowing, policy to meet tIW needs of suclr a flourishing country as New Zealand.”

He added that investors in' England looked upon the Dominion as one of the best countries in the world to assist with finance. " ' ’