DOMINION FINANCES

Waikato Times, Volume 128, Issue 21369, 13 March 1941, Page 9

DOMINION FINANCES

STERLING FUNDS GOOD PAYING FOR THE WAR Mr NASH'S SATISFACTION (By Telegraph.—Press Association) WELLINGTON, Wednesday Satisfaction with the condition of the sterling funds available to meet commitments for war charges and loan repayment was expressed in an interview today by the Minister of Finance, the Hon. W. Nash. He 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. He explained that the Government had not renewed any loans and would repay the only loan falling due this year. It was of £3,500,000, half of which was due in June and the remainder at the end of the year. That loan would be repaid on the due dates. Mr Nash said that 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 is that we have plenty of funds available,” he continued. •' We have a lot of commitments for the war, however, 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. 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.