LARGE SUM NEEDED
TO PAY OVERSEAS INTEREST.
[by Telegraph, Per Press Association.)
WELLINGTON, January 4
Approximately a sum of £14,000,000 will be required during the pre T sent calendar year, out of the recent-ly-established exchange credit pool, in order to meet the Government and the local body interest charges overseas.
The sum includes £8,000,000 in respect of the interest on the Government loans, and also £4,000,000 for the redemption of Treasury Bills that, are falling due next June. The sum also includes between £1,500,000 and £2,000,00 for the interest on the local body loans.
The Government’s needs are fairly accurately known and th total is set at £12,000,000. The local body requirements are not known exactly, hut they are estimated to be between £1,500,000 and £2,000,000. It is explained that firms that are acting both as exporters and importers, who have offices in the Dominion and in England, may make arrange** ments with the banks to meet their payments in England.
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Hokitika Guardian, 5 January 1932, Page 4
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161LARGE SUM NEEDED Hokitika Guardian, 5 January 1932, Page 4
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