THE AMENDE HONORABLE

Manawatu Herald, Volume L, Issue 40015, 26 October 1929, Page 2

THE AMENDE HONORABLE

SIR .JOSEPH WARD EXPRESSES REGRET TO HON. DOWNIE STEWART.

RESTRICTED LONDON BORROAV'TNG INCIDENT.

Wellington, Last Night. Just before the House adjourned this afternoon, Hon. G. Forbes, alting leader, stated that he had the authority of the Prime Minister to make the following explanation as promised in regard to diis statement that the former Minister of Finance had made an arrangement restricting New Zealand borrowing in London for a . certain period:—

“In connection with recent loan conversions I had occasion to examine the Treasury files again. While doing so, my attention was drawn to 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 folr a cash loan until April or May, 1930.

“The Treasury directed my attention to .the fact that these papers are merely duplicates on this conversion file for cross reference and did not relate to the transaction in question. It appears, therefore, that I was under a misapprehension in suggesting that my pre - decessor had negotiated the £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 lion, member for Dunedin West (Hon. Downie Stewart) will accept the explanation given of the misunderstanding which I regret should have placed him in a false position.”