FUNDS IN LONDON.

Auckland Star, Volume LXX, Issue 266, 10 November 1939, Page 9

FUNDS IN LONDON.

MINISTER'S STATEMENT. STERLING EXCHANGE POSITION. (From Our Correspondent.) WELLINGTON, Thursday. "One thing is more ce.rtain than another, that if we are to keep the honour of the country good we must limit' our imports l>v the proceeds of I lie sale of our exports after we have paid interest and other charges oxerseas.' said t lie .Minister of Finance, tile. Hon. \V. Nash, in a broadcast address to-night. The .Minister spoke on sterling- funds, and devoted the greater part of his address to the definition in simple te.rins of currency, exchange and other aspects of elementary economics. New Zealand's sterling funds in November, 19 •'>•">, totalled rather more than £34.000,000, and they now stood at something more than £8.000,000, Mr. Nash said. There was a difference of some £-'<>,000,000. "Where, then, did it go?"' he tasked. Exports from November, 193.">, to September this year were worth £-33.000.000. Payments for Government and local body interest charges accounted for £31.000,000, repayment of debts, £8,000,000, and interest and dividends of private capital invested in New Zealand, legacies and other factors, £10.000,000, a total of £49,000.000, leaving approximately £ 183,000,000 for imports. Actually, however, imports totalled £1'J9,000.0(H) during the period, a discrepancy of £11i.000,000. A difference of £10.000,000 was accounted for by overseas capital withdrawn from New Zealand, and Dominion capital sent abroad for investment or some, purpose other than for financing imports.