REASONS FOR SECRECY

Nelson Evening Mail, Volume LXIII, 27 July 1929, Page 13

REASONS FOR SECRECY

IN LOAN NEGOTIATIONS (By Telegraph) (From "The Mail’s” Parliamentary Reporter) WELLINGTON, 26th July. The reasons for secrecy in connection with national loan negotiations were explained lay the Prime Minister (the Right Hon. Sir Joseph Ward) in the House of Representatives to-day in replying to a question. Mr W. E. Barnard (Napier) tfsked the Prime Minister whether he did not consider the Government and nob 'the Treasury Department was the better judge as to whether the correspondence relating to national borrowing transactions should he placed before the House of Representatives and whether tiro Government would itself decide as to the propriety or otherwise ol making all such correspondence, available for the information of tho House. Sir Joseph Will’d stated that wliafc Mr Barnard was asking was impossible m practice. At times financial negotiations went on for weeks* at a time by cable and if they were made available, to the public all chance of proper negotiations being conducted would lie destroyed. It was against a!! precedent in connection with the work of the Treasury for such negotiations ever to he placed tin the table. It would destroy the very life blood of the Treasury. Mr Barnard: “Tho Treasury is superior to the Government, then?” Sir Joseph Ward: "That is nonsense. The Government is superior to them all, hut has to recognise tho ordinary I,tliics ami principles applicable, to'financial negotiations.'’ Mr Ti. E. Holland (Buller): ‘‘Partners in a business always know the details of the business.” Sir Joseph : “But the bon. gentleman is not a partner in the Treasury.” The lion. Downic Stewart: "Will the Prime Minister place the papers on the table?” Sir Joseph Ward: "If I were able to do so the bon. gentleman, would not have a leg to stand oil in the matter of the recent dispute between him and me.”