MR NASH’S MISSION

Wairarapa Times-Age, 2 May 1939, Page 5

MR NASH’S MISSION

ANTICIPATION of happv OUTCOME ADDRESS AT AUCKLAND LUNCHEON. QUESTIONS OF FINANCE & DEFENCE. IBy TplPgraph—Press Association.) AUCKLAND, May 1. To wish the Minister of Finance, Mr Nash, .success in his mission to England to discuss questions of finance, trade and defence, a complimentary luncheon was tendered to him by the Mayor of Auckland. Sir Ernest Davis. It was attended by a large gathering, including the Minister of Interna] Affairs, Mr Parry, the member for Kaipara. Mr Coates, Auckland members of Parliament, mayors and chairmen of local bodies in and round Auckland, bank and insurance managers, x-presentatives of the Federation of Labour and representatives of trade and commerce.

In returning thanks to the Mayor for arranging the gathering and for good wishes that had been expressed. Mr Nash admitted that New Zealand had not ’done her full share to ensure the defence of the Ccmmonwealth of Nations, but it had made a magnificent show. The burden of defence carried by the United Kingdom was heavy compared with that by the Dominions and more should be done by them. The present Government would do what ought to be done to defend the free and independent people of the Pacific end also it would do what ought to be done to help to defend the United Kingdom, with which it was bound by ties of blood.

The statement that he was certain representatives of the British Government would give the maximum consideration to whatever was necessary for the welfare of the Dominion and that ho had no fear that he would not be able to arrange a loan on satisfactory terms to redeem the loan falling due in January was made by Mr Nash. He said his mission was important because it not only concerned finance, but also trade and defence. If it were not for the United Kingdom, the British Commonwealth of Nations would not be possible, nor would the existence of New Zealand be possible. It was linked with the United Kingdom with every possible tie.

“I don’t want to talk about loans in the past or anything like that, but our country could not have made the progress it has without the help given by the United Kingdom.” declared’ Mr Nash. “Its free citizenship is inherently linked with a country 12.000 miles away.”

Dealing with the loan falling due in London, he said -that when Minister of Finance, Mr Coates had been ahle to arrange a loan in London at 3 per cent, which worked out at £3 2s Bcl per cent, as the loan was issued at £9& 10s. The speaker was able to arrange a loan on the same terms' in the latter half of 1935, and he was certain he would be able to repeat that procedure and that the good name of the Dominion would be conserved.

He thought trade interests in England appreciated the end and purpose of the import restrictions, which were to conserve the good name of.the Dominion. On the question of the internal economy of the Dominion, Mr Nash said it must make the country less dependent on things that came from overseas.

“If such a thing as our isolation came about—l once used the word ‘insulation’—we should have a measure of independence,” he said.