NEW LOAN.

Taranaki Daily News, 26 October 1921, Page 5

NEW LOAN.

HALF A MILLION. NOT FOR DEFENCE PURPOSES. MONEY FOR PUBLIC WORKS, > • ' By Telegraph—Press Association. Wellington, Last Night. The proposed £500,000 loan for New Zealand was mentioned in the House to-day. The Leader of the Opposition (Mr. T. M. Wilford) read a cable from London, published in the Press, which stated that the Admiralty had no information with reference to Mr. Massey’s announcement that he would be floating a £500.000 loan for an undisclosed specific purpose, and were unable to confirm or deny a report that it would constitute New Zealand’s naval contribution. He asked the Premier if he had seen the cable and if he had any comment to make upon it. Mr. Massey said he had read the cable, but like many other cables sent from Britain, it was not altogether accurate. The loan of £500,000 had nothing to do with defence, nor had it been placed on the ma; .let, nor did he know when it would be placed upon the market. VVfaat happened was this. He suggested to the High Commissioner that New Zealand might take another loan of £500,000 if it could be raised at anything like the terms on which the supplementary loan of £300,000 was raised. When it would be placed on the market he did not know, because loans, like many other things, had to wait their turn. The purpose of this £500,000 loan had not yet been determined, except that it would help out the public works of the Dominion, and would be for general contingency purposes.