NEW ZEALAND LOANS.

Auckland Star, Volume LVIII, Issue 87, 13 April 1927, Page 4

NEW ZEALAND LOANS.

NONE MATURING TILL 1929-30. MR. HAYES' STATEMENT UPHELD. (By Telegraph.—Own Correspondent.) WELLINGTON", Tuesday. "My attention has been drawn to several newspaper articles criticising a recent statement by Mr. Hayes, secretary to the Treasury, who is at present in London," said the Minister of Finance, Hon. W. Downie Stewart, to-day. "The statement complained of was to the effect that no New Zealand loans would be maturing until 1929-30, whereas, it is pointed out, that according to the Year Book there are loans falling due in each year from 1927 onwards. The explanation is that Mr. Hayes was clearly referring to the fact that there were no overseas loans falling due in London until 1929-30, as it is that aspect of the loan position which primarily interests the financial world in London.

'"From the last Budget it will be seen that, with the exception of £Sl.lOO held in Australia, all the loans maturing during the present financial year are held in New Zealand. With the exception of the relatively small amount of £13,000 held in London—of which only £100 is held by the public—the same remark applies to the loans falling due in 1928-29. Incidentally, it may be mentioned that the greater part of these loans maturing before March 31, 1929, is held not by the public, but by Government departments."