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Hokitika Guardian, 24 August 1932, Page 4

In connection with, the decision for the Minister of Finance to visit London before returning to New Zealand from Ottawa, it has been expected for some time that it would be found advisable for Mir Stewart and a Treasury. expert to confer personally with British Treasury officials and financial authorities, and this 1 course has now been agreed Upon, so that certain questions dealing with the Dominion’s public finance could be with; The exact nature of the;, discussions to he carried out in London js not disclosed, but it is likely that they will be of the greatest importance, and that attention will be given to- ■ the question of interest rat a. of. New Zealand’s overseas debt. In , the course of a:speech by Mr Coates; during the progress, of the Conference..at Ottawa, he said that the burden of inter-gov-ernmental and other debts,,particularly in the nature of Avar debts, is a problem of real difficulty, and,.one which. We take it, may appropriately be discussed at this conference', as well as at, a wider r ne. We are ...gratified to note the extent to which interest rates ate being reduced in the London money market, and we hope t.ha.tJthe Dominions will benefit as loans domiciled in London, fall due for repayment or conversion." A statement appended to the test Budget shows that from 1932 to 1938, both inclusive, debts amount-, ing to £55.051,000 matur 1 ? 1 . Of this only £50,100 in held in London. £2,.342,950 in Australia and £52,658,737 in New Zealand. To. this total must be added the £5,000,000 raised in London at 5 per cent, in June, 1931. .and which matures in 1934, hut which is repayable, at any time after July 16 lost on notice bring given. The public debt at March 31, 1931. totalled £276,033,000. and of this £171,784.070, or substantially more than half, bore interest at.. 4b per cent, or less. The average interest paid during the year was slightly over 4-’- per' cent.