OVERSEAS FUNDS.

Auckland Star, Volume LXX, Issue 154, 3 July 1939, Page 6

OVERSEAS FUNDS.

Apparently Mr. Nash has succeeded in the first part of his mission—the renewal of the sterling loan totalling £17,172,000 maturing on January 1, 1940, for in hid first really informative statement since his arrival in London he has stated that he is confident that the renewal will be satisfactorily arranged. There is, of course, no indication of terms, but in view of the failure of the Australian, Northern Ireland and London County Council loans it is probable that something a little better than the 3\ per cent rate of the maturing lojtn will be demanded, but the assurance that the money will be available, at a time when the market is in a highly disturbed state, is welcome. It is also a matter for congratulation that Mr. Nash i.s able to say definitely that sterling will be available to pay for imports from Britain. It may be taken that this means that more will be available than the export balance for the rest of the financial year will provide and that some new money will come into the London balances. The difficulties hero were largely the Government'* own creation, but it is satisfactory v to know that a way out has been found. The Minister is .still exploring the possibilities of a defence loan; that should be less difficult than the other arrangements. The country will anxiously await the effect of the negotiations upon the import restrictions.