STRONG WARNING

Waikato Times, Volume 124, Issue 20741, 27 February 1939, Page 7

STRONG WARNING

“TOO FAR AND FAST” N.Z. LEGISLATION REPLY BY MR JORDAN (United Press Assn.—Elec. Tel. Copyright) LONDON, Feb. 24 "The New Zealand Government Is going too far and too fast,” said Lord Balfour of Burleigh, chairman of the National Bank of New Zealand, speaking at a reception to the New Zealand group of the Overseas League. The Dominion was experiencing a period of economic and financial stress and must remember that a iarge loan was maturing and must be met in London at the beginning of 1940. Lord Balfour said he was convinced that the Dominion’s resources and the character of her people would enable her to retain her position in the world's financial markets. Voters Approve Policy The New Zealand ,High Commissioner, Mr W. J. Jordan, replied warmly as regards New Zealand going “too far and too fast.” He pointed out that 56 per cent of the voters had approved the policy of the Government, which was carrying out the injunction to care for the poor, the old and the afflicted. “That injunction was made 2000 years ago, yet to-day Lord Balfour says we are going too far and too fast. As for the maturing loan, I believe it will be renewed. The question is on what terms.” According to the Independent Cable Service, Mr Jordan said: “It is usually the sign of old age when people speak about others going too fast. I have every confidence in New Zealand. What lit tie money I have I will put into New Zealand stocks; every bean of it.” “ NOT A BIT AFRAID ” MR SAVAGE’S CONFIDENCE MEETING OBLIGATIONS (By Telegraph.—Press Association) WELLINGTON, Saturday “ Although I am not a young maw, I am not a little bit afraid of the con\equences of the pace at which we are travelling,” said the Prime Minister, Mr Savage, when commenting on the cabled remarks of Lord Balfour, of Burleigh, chairman of the •National Bank of New’ Zealand, that the Dominion Government is going too far and too fast. Mr Savage said the Government was engaged in a campaign that would mean more to New Zealand in the way of increased production than any action that had been taken for generations past. “ People fn London need not be the slightest bit worried about our obligations to them,” added the Prime Minister. “We will meet them to the full, and we hope the time is not far distant when we will have a working arrangement with the British Government. if necessary, to see that every shilling we get from them will be spent there.”