STERLING FUNDS IN LONDON
New Zealand’s Bigger Balance AID TO BRITISH WAR ’ EFFORT (British Official Wireless) (Received September 15, 6.30 p.m.) RUGBY, September 14. The contributions which the Dominions have made towards financing the United Kingdom’s budgetary deficit through increases in their London balances have recently attracted attention. The Economist calculates that India, New Zealand, Australia, South Africa, Egypt and Eire together have increased their London sterling by between £89,000,000 and £90,000,000, which represents '4O per cent. The Manchester Guardian says that the increase is undoubtedly most use-
ful to aid British war finance. India has contributed most towards the expansion, with New Zealand next.
The Economist estimates that New Zealand’s sterling assets are £19,750,000, compared with £7,110,000 before the war. On the contrary, Australia’s increase is singularly small.
Financial circles do not expect the expansion of the Dominions’ overseas assets to proceed much further. Among the reasons for this is the flow of gifts of one kind or another from the Empire to the British Exchequer.
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Southland Times, Issue 24232, 16 September 1940, Page 5
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167STERLING FUNDS IN LONDON Southland Times, Issue 24232, 16 September 1940, Page 5
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