PREMIER’S MISTAKE

Hokitika Guardian, 26 October 1929, Page 1

PREMIER’S MISTAKE

APOLOGY TO MR. DOWN IE STEW MIT. (By Telegraph—Press Association). ' WELLINGTON, Oct. 25. Just before the House adjourned this afternoon, Hon. Mr Forbes, Act-ing-Leader, stated that he had the authority of the Prime Minister to make an explanation, as promised in regard to his statement that the former Minister of Finance' had made an arrangement restricting New Zealand borrowing in London for a certain period. The explanation is as follows: “In connection with the recent Loan Conversations, I had occasion to c.vmino the Treasury Files again. While doing so my attention was drawn to tlio papers which had led me to believe that my . predecessor had negotiated for a £5,000,000 loan in London, and had given an undertaking not to go on the London market for a cash loan until April or May, 1930. The Treasury directed my attention to the fact that these papers a,re merely duplicates on this cbnversation file, for cross reference, and did not relate to the transaction in question. It appears, file re fore that I was under a misapprehension in suggesting that my predecessor had negotiated a £5,000,000 loan for January 1929, or had given an undertaking not to go on the market at any period. I take this opportunity therefore, of putting the matter right, and, in view of all the circumstances no doubt the Honourable April ber for Dunedin West (Mr Bownie Stewart) will accept the explanation given of the misunderstanding, which, I i egret should have placed him in a false position. ...