HERITAGE WELL-USED

Sun (Auckland), Volume 1, Issue 4, 26 March 1927, Page 9

HERITAGE WELL-USED

N.Z- FINANCIAL POSITION By Cable.—Press Association.—Copyright LONDON, Friday. Mr. R, E. Hayes, Secretary to the New Zealand Treasury, frankly discussed the financial position of New Zealand in the course of an interview, which is published in the “Financial News.’* In reply to a question, Mr. Hayes said he did not know of any intention by the New Zealand Government to borrow elsewhere than in London. He personally thought that the terms on which loans were usually available in London could not be bettered elsewhere. Any borrowing by New Zealand during the coming year would, he said, be for productive purposes. No loans would mature until 1929-30. The trade figures showed that the people of New Zealand had made good use of their heritage, for the security and development of which they were deeply indebted to the Mother Country. Mr. Hayes gave a full account of the public finances and of the debt reduction policy of New Zealand. The “Financial News” says there is no Dominion which has been more scrupulously careful over its finances than New Zealand. Sinking funds have been provided for all debts, which should be completely extinguished in GO years. The Dominion’s only cause for anxiety was the recent decline of its expoTt trade. It was clear that if this continued imports must be consider ably curtailed, and there might be a temporary Industrial depression. Mr. Hayes thought . little harm would result from a reduction in the revenue from import duties. —A. and N.Z.