AT A LOW EBB
NEW ZEALAND’S LONDON FUNDS “DAIL-Y MAIL” SUGGESTS DANGER OF DEFAULT. UNLESS SOMETHING IS DONE. By Telegraph—Press Association—Copyright, (Received This Day, 11.10 a.m.) LONDON, June 29. The “Daily Mail’s” City editor, understands that New Zealand’s London balances are now so low that there is grave danger of commercial default within three weeks unless something is done to prevent it. New Zealand importers having to meet payments for goods from Britain which have already arrived in New Zealand will be forced to pay in New Zealand pounds. This is a serious matter for exporters from Britain and would mean a further fall in New Zealand currency. Mr Nash would be severely handicapped in the task of converting debt by such a blow to New Zealand credit, if it is not possible to evolve methods whereby the regular financing of imports can be continued pending an adjustment of trade.
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Wairarapa Times-Age, 30 June 1939, Page 6
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150AT A LOW EBB Wairarapa Times-Age, 30 June 1939, Page 6
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