CREDIT GRANTS.

Auckland Star, Volume LXX, Issue 165, 15 July 1939, Page 9

CREDIT GRANTS.

BRITISH PROPOSAL. Enable New Zealand To Make Defence Purchases. SECOND READING PASSED. United Press Association.—Copyright. (Received I.SO p.m.) LONDON, July 14. The Parliamentary Secretary for Overseas Trade, Mr" R. S. Hudson, moved in the House of Commons the second reading of the Overseas Trade Guarantee Bill. He said: "We are discussing -with the New Zealand Minister of Finance, Mr. Nash, the granting of credits to Xew Zealand under this bill. "They will probably be used partly to enable New Zealand to finance purchases from Britain for defence, and partly to purchase the New Zealand Government's commercial requirements, as distinct from purchases by private quarters." The bill, which also increases the guarantee power of the Board of Trade to enable credits, totalling £60,000,000, to be given to friendly foreign countries for armament and other purchases in the United Kingdom, was given its second reading without division, says a British official wireless message. Position of Opposition. The debate was notable for a declaration by the Labour spokesman, Mr. F. W. Pethick Lawrence, who, speaking of the figures of expenditure and loans attributable in the last resort to defence needs and policy, said they were of fantastic dimensions, but they should not conceal from themselves the fact that they might not yet be. at the end. What, he asked, was the position of the Opposition in the face of such facts and prospects? And he answered that they were like people living in a house and* realising that those in charge were at last taking steps to make it unlikely that a conflagration would break out. He added that they still thought that if fire broke out it would be" due to the Government's lack of understanding in days gone by, and if it spread it would be due to the Government's failure to make earlier provision for extinguishing fires in earlier stages, but if fire did threaten to occur they would no longer question who was to blame, but would get all hands to assist in extinguishing it. Because Labour loved its country and because it believed in democracy and liberty at home and throughout the world, the Opposition said to the Government, "If you are really going forward to make provision now to put out a fire should it break out we are bound to give you our help." The Bureau of Importers, Auckland, sent a telegram to the Prime Minister to-dav on the statement made by Mr. R. S. Hudson in the House of Commons, and asking what provision the Government is making as regards providing overseas credits to enable private businesses to function, maintain employees and continue their substantial contribution to Government revenue through Customs, sales tax and income tax.

MR. NASH'S MISSION. "Considerable Progress" Now Being Made. x DETAILS TO BE FINALISED. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. Indications are that the Minister of Finance, the Hon. W. Nash, has made considerable progress in his negotiations in London. The Prime Minister, the Rt. Hon. M. •J , . Savage, said to-d w that most of the business had been * npleted, but one or two important details had still to be arranged definitely. "As soon ae these are completed Mr. Nash will cable a full statement," added the Prime Minister. "Mr. Naeh ■will leave England as soon as possible after the completion of his work."