RELIEF NEEDED
LOAD OF INTEREST TOO HEAVY FOR THE COUNTRY MEMBER' S DARK PREDICTION Wellington, Friday. "Unless prices for our primary products rise to a marked degree, our interest bill will overwhelm us," declared Mr. J. Hargest (Government, Invercargill) in the House of Representatives to-day, during the Address-in-Reply debate. "The most honest thing to do would he to make a compromise with the bondholders beeause that is the only way to give some return for the money invested. The Dominion should confess its position and ask its creditors to make a compromise,." Two courses were open, one for the bondholders to demand their pound of flesh and force the country into bankruptcy or. preserve the assets of the country by taking less as interest and leaving something for the reconstruction of national prosperity. If the Government insisted on paying in full, there was a grave danger of being ruined. He believed the overseas bondholders expected New Zealand to ask for relief. He had unbounded faith in the future o^ the country but they should not leave a load for their children that the children could not carry.
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Rotorua Morning Post, Volume 2, Issue 342, 1 October 1932, Page 5
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187RELIEF NEEDED Rotorua Morning Post, Volume 2, Issue 342, 1 October 1932, Page 5
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