NEW ZEALAND POLICY

Wairarapa Times-Age, 27 February 1939, Page 5

NEW ZEALAND POLICY

COUNTRY GOING TOO FAR & TOO FAST ACCORDING TO BRITISH BANKER. REJOINDER BY THE HIGH COMMISSIONER. By Telegraph—Press Association—Copyright. LONDON, February 24. “The New Zealand Government is going too far and too fast,” declared Lord Balfour, ' chairman of the National Bank of New Zealand, speaking at a reception of the New Zealand group of the Overseas League today. He added that the Dominion was experiencing a period of economic and financial stress, and must remember that a large loan was about to mature which must be met in. London at the beginning of 1940. He was convinced that the Dominion’s resources and the character of its people would enable it to retain its position in the financial markets of the world. The High Commissioner, Mr W. J. Jordan, warmly replying to the reference to the Government going too far and too fast, pointed out that 56 per cent of the voters had approved the policy of the Government, which was carrying out an injunction to care for the poor, the old, and the afflicted. “That injunction,” ' he said, “was made 2000 years ago, yet today Lord Balfour says the New Zealand Government is going too far and too fast. As for the maturing loan, I believe it will be renewed. The question is, on what terms?

“It is usually a sign of old age when people speak about others going too fast,” went on Mr Jordan. “I have every confidence in New Zealand, and what little money I have will be put into New Zealand stock—every bean of it,” PREMIER’S COMMENT PEOPLE IN LONDON NEED NOT WORRY. OBLIGATIONS TO BE MET IN FULL. (By Telegraph—Press Association.) WELLINGTON, This Day. “People in London need not be the slightest bit worried about’ our obligations to them.” said the Prime Minister. Mr Savage, when invited to. comment on the statement of Lord Balfour that the New Zealand Government was going too far. and too fast. “We will meet our obligations to the full,” said the Prime Minister, “and we hope the time is no far distant when we will have a working arrangement with the British Government, if necessary, to see that every shilling we get from them will be spent there.” Mr Savage said that though he was not a young man he was not a little' bit afraid of the consequences of the pace at which the Government was travelling. At the present time the Government was engaged in a campaign that would mean more to New Zealand in the way of increased production than any action that had been taken for generations past.