STERLING FUNDS

Wairarapa Times-Age, 10 November 1939, Page 7

STERLING FUNDS

DISCUSSED BY FINANCE MINISTER - POSITION OF THE FARMER. OPPOSITION LEADER'S VIEW. (By Telegraph—Press Association.) WELLINGTON, This Day. | Sterling funds were' discussed by the Minister of Finance. Mr Nash, in : broadcast address from his office in Parliament Buildings last night. He explained how these funds were built up, and how they diminished. Apart from imports, interest on loans that the New Zealand Government or local bodies had borrowed in the past in England, constituted the main method of spending sterling funds, he said. 'Without sterling funds in adequate amount we cannot pay for our essential imports of raw materials and finished goods," said Mr Nash. "We could not pay our overseas debts. New Zealanders could not travel abroad. N> payments could be made abroad at all unless we had overseas funds and particularly sterling funds. If we are. t< keep the .honour of our country good we must limit our imports to the proceeds of our exports after paying interest and other sums owing.” “Had the New Zealand farmers been left in possession of their own produce and able to dispose of it through theii own organisation, they, and not thi New Zealand Government, would have enjoyed .the advantage of being able to have good English money, which would have represented a better advantage than any received under the guaranteed price scheme," said th( Leader of the Opposition, Mr commenting on the statement made by the Minister of Finance. “The Minister of Finance has suggested that the dairy farmers woult have been £3.000.000 worse off withou the guaranteed price.” said Mr Hamilton. “No manipulation of figures can give such a result. The farmers know that their produce is being sold fo’ British sterling, and that they are being paid in a depreciating New' Zealand currency, which is steadily losing its purchasing value.”