CREDIT OVERSEAS

Wairarapa Times-Age, 24 May 1938, Page 6

CREDIT OVERSEAS

STATEMENT BY PREMIER WHISPERING CAMPAIGN DENOUNCED ALL OBLIGATIONS WILL BE HONOURED "The New Zealand Government will honour its overseas obligations to the full.” declared the Prime Minister, the Rt Hon M. J. Savage, when referring yesterday to statements cabled from London concerning the state of the market for New Zealand securities at Home. “Whatever contracts we make we will keep.” “Already I have had from Britain reports that a whispering campaign is going on there against this Government.” said Mr Savage, “and my reply is that New Zealand is in a better position to pay its way than it has ever been. “We have a surplus of more than £BlO,OOO for the financial year just ended. A surplus, however, is not the only thing that counts. The thing that matters is how much trade we are doing with Great Britain from time to time, and I think I am fairly correct in saying that we are doing more trade with her than ever we have done; and we are just as intent on paying our way as we have ever been.” The cable on which Mr Savage’s comment was based is as follows: — “New Zealand Government stocks are quoted weak among Dominion stocks quoted on the London Stock Exchange, prompting the “Daily Herald” (Labour) to rebuke sharply the alleged whispering campaign in interested circles ‘designed to weaken New Zealand credit so as to embarrass the Savage Government’ ”.