PLEDGES TO BRITAIN

Wairarapa Times-Age, 24 July 1939, Page 5

PLEDGES TO BRITAIN

MR NASH DEFINES POSITION

ASSURANCES REGARDING RESTRICTIONS.

FUTURE FINANCIAL POLICY NOT AFFECTED.

Bv Telegraph—Press Association —Copyright. LONDON, July 22.

According to a statement by the New Zealand Minister of Finance, Mr Nash, made to the “Financial News,” New Zealand was not required 10 give Britain pledges in respect to her future financial policy.

“All my assurances were confined to the operation of the import restrictions,” Mr Nash declared. “Our intention is to maintain the import regulations but to relax the restrictions as and when the state of London funds permits. We want so to organise our imports that finance through the normal channels will always be available.” Mr Nash does not consider, like the British Government, that the restrictions are in contravention of the Ottawa Agreement now that he has promised they will not be used to foster uneconomic industries.

Mr Nash also stated that Britain was prepared to renew the export credit facilities if necessary, but not in excess of the present £4,000,000. He added that he was “pleased but not satisfied” with the result of the negotiations. New Zealand hoped to repay the credits from funds built up during the export season of 1940, as the facilities might again be needed at the end of 1940.

Mr Nash is remaining in London to complete the conversion arrangements, which admittedly are most difficult, with the Governor of the Bank of England, Mr Montagu Norman.