MR NASH’S MISSION

Wairarapa Times-Age, 17 July 1939, Page 5

MR NASH’S MISSION

CREDIT NEGOTIATIONS IN LONDON SAID TO BE INDEFINITELY POSTPONED. COUNTER-PROPOSALS MADE TO BRITISH OFFER. (British Official Wireless.) RUGBY, July 15The New Zealand Minister of Finance, Mr Nash, in a statement today said that his negotiations have been indefinitely postponed. It is understood that New Zealand made counter-proposals to the British offer. The high yields of New Zealand stocks, despite the delay in completing the credits, have attracted investors to the market. The 44 per cent 1945 loan and the 3 per cent 1952-5 loan are both dearer for investors. The “News Chronicle" considers that a long-term view of New Zealand justifies moderate optimism. REPORT QUESTIONED PREMIER NOT ADVISED OF POSTPONEMENT. (By Telegraph—Press Association.) WELLINGTON, This Day. “I have heard nothing to suggest that the negotiations have broken down,” said the Prime Minister, Mr Savage, when commenting last evening on the cabled statement by Mr Nash, that the conversations with the British authorities had been indefinitely postponed. Mr Savage said that the last advice he received from Mr Nash was on Saturday morning, when the indications were that, with the exception of one or two outstanding points, the negotiations had been completed. Something might have happened since then, but he had not been advised of any new development.

IMPORTERS’ QUESTION

NEED OF PRIVATE CREDITS

(By Telegraph—Press Association.) AUCKLAND, July 16.

The need for the Minister of Finance, Mr Nash, to arrange overseas credits for private importations is emphasised in a telegram sent by the Bureau of Importers to the Prime Minister. Mr -Savage. The telegram is as follows: —

“A Press Association message from London states that the Parliamentary Secretary for Overseas Trade in the House of Commons said: ‘We are discussing with the New Zealand Minister of Finance the granting of credits to New Zealand. They will probably be used partly to enable New Zealand to finance purchases from Britain for defence and partly to purchase the New Zealand Government’s commercial requirements as distinct from purchases by private quarters.” “What provision is the Government making as regards providing overseas credits to enable private businesses to function, to maintain employees and to continue their substantial contribution to Government revenue through Customs, sales tax and income tax?”