CONFIDENTIAL
THE LONDON LOAN NEGOTIATIONS
MEMBERS AND SECRECY,
- WELLINGTON, July 26,
That some members of the House of Representatives cannot understand: the necessity for secrecy over negotiations for loans was evident in a further discussion regarding the demand for details of the undertaking which the Prime Minister declared was given by his predecessor preventing New Zealand from borrowing in London for two years. • Mr Barnard (Napier) raised the matter in a question to the Prime. Minister; demanding to know why Parliament should not have all details for its information. . The Prime Minister referred his questioner to the Treasury memorandum. which had been read, stating that; the invariable practice was to regard' these communications as secret, otherwise negotiations would be impossible. Mr Barnard Then the Treasury is superior to Parliament? Sir Joseph Ward: Nonsense! Absolute nonsense! The Government is superior to them all, but the Government’ has to observe the ordinary ethics . and r the ordinary principles which have applied for all time to financial negotiations. You might just as v w6ll ekpect' a person in, private life in,,a financial position ...to proclaim to the world that he vras applying, to certain people to arrange his
finance
■Mr H. E. Holland: Partners in a business always know the details. Sir Joseph: But the lion, gentleman is’not a partner in the Treasury. Opposition members: Surely we are. Mr M’Combs (Lyttelton): Parliament is.
Sir Joseph Ward: “Parliament is” says the member opposite. That shows that if the opportunity ever occurred of his becoming Finance Minister the gentleman would not be allowed to put a foot inside the Treasury. Mr W. Downie Stewart: Will the Prime Minister put the papers on the table ? ‘ Sir Joseph; The hon gentleman has never done so, and if he had been asked he would not have done it. Mr Stewart: In 1912, when a dispute arose regarding the terms 6f a loan corresponding with the High Commissoner was laid on the table. The Prime Minister’s final retort was that in practice what his questioner thought an easy thing would be the means of doing a great deal of damage and killing loan
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Hokitika Guardian, 30 July 1929, Page 3
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354CONFIDENTIAL Hokitika Guardian, 30 July 1929, Page 3
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