NEW ZEALAND

Wairarapa Times-Age, 7 December 1938, Page 8

NEW ZEALAND

MARKED DOWN SHARPLY IN LONDON AS RESULT OF EXCHANGE CONTROL. COMMENTS BY “DAILY MAIL." By Telegraph-Press Association— Copyright (Received This Day, 1.15 p.m.) LONDON, December 6. Prices of New Zealand Government bonds were marked down sharply as a result of the latest measures. Most issues lost one to 13 points. Three per cent stock, 1952-55. was quoted at £75 and has lost ten points within a month. The “Daily Mail,” in a leader headed “The Day of Reckoning,” says: “These measures will not cure the disease from which the country is suffering. That disease is Socialism. The Savage Government has wrought havoc with the national finances. Only increasing exports and the result of a rise in world prosperity enabled the Dominion to keep its head above water, but the exports of 1938 are already down eight millions and breaking point is in sight. The Socialists are preparing an unparalleled programme of prodigal spending in a lavish scheme quite beyond New Zealand’s capacity to bear.” TRADE WITH FRANCE OBSERVATIONS BY CONSUL. BALANCE MUCH IN FAVOUR OF DOMINION. (By Telegraph—Press Association.) WELLINGTON, This Day. The view that the Government’s action was a matter of internal policy and should be considered in that light was taken • by the Consul for France, M. A. Pouquet. He pointed out that the value of New Zealand’s imports from France last year was only about £250,000, whereas France had bought New Zealand products, mostly wool, of a value four or five times greater. This season France would probably buy in considerable quantity from the Dominion. New Zealand’s imports from France were principally luxury lines, such as high-class millinery and garments, silks, wines and brandies, and he vzould be very sorry if the new regulations had the effect of restricting the trade, especially when France bought so substantially from the Dominion.”