CHANGE NEEDED

Wairarapa Times-Age, 23 June 1939, Page 5

CHANGE NEEDED

IN POLICY OF BRITISH GOVERNMENT QUESTION OF GUARANTEED LOANS. PREFERENCE TO FOREIGNERS CHALLENGED. (Independent Cable Service.) LONDON. June 22. The “Daily Express” in an editorial says "a complete change in the Government’s policy is wanted badly. They have guaranteed loans to Australia. lent to Czechoslovakia, and provided funds for Turkey. Now they make advances to Poland. Greece, and Rumania. The New Zealand loan should be guaranteed. It is not just a matter of sentiment. It is ordinary business common sense to prefer a good investment in the Empire to bad debts in Europe.”

The “Evening Standard” carries a cartoon by David Low (the New Zealand artist) showing the national Treasury “nursery” with the Chancel.lor of the Exchequer, Sir John Simon, nurse-maiding fat babies —Rumania, Poland and Greece—while Mr Montagu Norman, Governor of the Bank of England, is looking at a thin baby —New Zealand—in the doorway and saying. “You need slimming.”

The “Daily Express” is strongly Imperialistic and supports the policy of consolidating the British Empire and of cementing British interests throughout the world.

The “Evening Standard”’is a highclass journal circulating in London and the Home Counties. Its news is gathered from all parts of the world and no topic of importance escapes notice in its columns.

“SHARP REBUFF” VIEW OF “FINANCIAL NEWS.” POLICY THAT “ENDANGERS DEBT SERVICE.” LONDON, June 22. The “Financial News” says that the statement of the Chancellor of the Exchequer, Sir John Simon, must come as a sharp rebuff to Mr Nash, but he must realise that the London market, like the British investing nublic, takes little account of the political complexion of borrowers and is almost exclusively concerned with ability to pay. He cannot overlook the fact that Mr Savage has pursued a three years’ expansionist policy, endangering the debt service. It may be, possible to arrange for New Zealand to meet her armament requirements by.means of export credits, but the conversion will have to take its chance in the ordinary way. The rate will not be loaded by doubts of the Dominion’s willingness to pay.