STERLING FUNDS

Wairarapa Times-Age, 13 March 1941, Page 5

STERLING FUNDS

EXISTING POSITION SATISFACTORY STATEMENT BY MINISTER OF FINANCE. LOAN REPAYMENT IN LONDON. (By Telegraph—Press Association.) WELLINGTON. This Day. Satisfaction with the condition of sterling funds to meet commitments for war charges and loan repayment was expressed in an interview last night by the Minister of Finance, Mr Nash. Replying to a question, Mr Nash said that none of the holdings of overseas securities and currency mobilised by the Government had been appropriated so far. “We are in a nice position just now to meet any charge in connection with the war,” Mr Nash said when he was asked if he was satisfied with the rise in sterling exchange disclosed in Reserve Bank returns. “Will the sterling funds be used, as has been suggested by the ‘Financial Times' in a recent cable, in the repayment of debts falling due in London in the next few years?” the Minister was asked. "We have already done that." he replied. “We. have not renewed any loans and we will repay the only loan falling due this year. It is of £3,500.000. hall' of which is duo in June and the remainder at the end of the year. That loan will bo repaid on the due dates.” Answering a question on the appropriation of overseas securities. Mr Nash said full particulars of overseas holdings had been compiled but there had been no need to take action under the powers given by the Emergency Regulations. "The reason for that is that we have plenty of funds available." he continued. "We have a lot of commitments for' war and when they come to charge we will probably want some money. Most of the securities are in Australia, where we have commitments, some are in the United Kingdom and a few. nothing to speak of. are in the United States.'’ ’

The money received from the compulsory war loan was greater than he had expected when the loan was issued. the Minister said. The subscriptions so far received amounted to between £9.000.000 and £10.000,000. All the appeals against contributing had not yet been heard. Those who had defaulted had received notices in the ordinary way and were being given the right of appeal before their names were gazetted as defaulters.