CONSERVE CREDIT.

Auckland Star, Volume LXX, Issue 140, 16 June 1939, Page 8

CONSERVE CREDIT.

BY NOT SPENDING.

"THE ONLY WAY," SAYS MR. SAVAGE.

'• COM TRADICTOKT CRITICS."

(By C*l#irraph.—MpvcUl to "Star.") WELLINGTON, this day. "The whole of our effort* have been ;ivrn to providing n uterlinp mirplim. 'nit the leant they might do i* to give ix a chance." Tliiat wn the deel*r«tlon of the Prime Minister, the TU. Flon. M. F. Havase. mi rending th»> c-ritirnl opinion of the '.ondon "Times"" flnnneial editor on New Zealand's position.

"A sterling surplus," continued Mr. "can only be the result of being sparing '" our imports. There iit any amount of room for a difference of opinion an to method* of controlling import*, but one thing in «ure: We cannot afford to take more than we pay for. So far a* we are concerned we are rendy to male* an agreement with Britain to-morrow to exchange good* and services in efpial value. That's what they were told in 1037 and that is the position At II I.

"These critics sm>ui to I>e somewhat I'HiitriKlirtiM y. They complain ulioiit the restriction of imports and at the -nme time complain of the disappearance of our sterling in London. They cannot hnv* It both wnys. There h only "tie wuy to con nerve uxerseiiM credit: tluit I*. not to spend It. We have sent ii Minister to London for the purpose of di*eu«siiijr ways and means with tliose c(ini<vrn«d. We wunt to make ». hti«incss iiri'l»ngt>nicnt ami they can rely upon it dint, we will live up to our obligations. "Whdtever a(|rfpinents wp nmke we will carry out, and we won't make an njjrpnnient we en nnot earvy out. -, Th* r«c*«t niiKKPwtioii tliat the Him. W. NmH mlffht approach (Hited Stntcs lltmiW'iei's for a loan dVew the following reply from Mr. Savage!—" Mr. Nash is In Britain dealing with British interests. financial and trade, and it will be time enough to think about jrointt somewhere «•!•• after Britain turns us down. '