LONDON FUNDS
PRIME MINISTER DENIES RUMOURS NO SUGGESTION OF CHANGE OF POLICY (By Telegraph—Press Association.) WELLINGTON, This Day. Rumours of an embargo on remititances from New Zealand, mentioned in a cablegram from London published yesterday, were emphatically denied by the Prime Minister, the Rt Hon M. J. Savage, in a statement issued yesterday. The Prime Minister stated that the policy which provided for the open sale of sterling by the Reserve Bank at the standard rate had not been changed and that there had never been any suggestion of a change of policy or an embargo on the purchase of sterling funds. “I am also advised,” said Mr Savage, “that the trading banks, on their part, are merely following the normal course of conserving as far as possible for the ordinary requirements of their customers their overseas funds which have been considerably depleted during the last two years, mainly by the exceptionally heavy imports which have taken place.”
Every step taken by the banks, or the Government, added the Prime Minister, was twisted by enemies of the Government for the purposes of politically undermining the Government and the credit of the country.
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Wairarapa Times-Age, 15 July 1938, Page 4
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192LONDON FUNDS Wairarapa Times-Age, 15 July 1938, Page 4
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