THE NEW LOAN.
USE FOR THE MONEY.
STATEMENT BY PRIME MINISTER. [THE PRESS Special Service.] AUCKLAND, May 2. "It is ridiculous to suggest that this loan is too modest," was the statement made by the Prime Minister (Sir Joseph Ward), in an interview by telephono to-day, regarding New Zealand's loan on the London market. "As a matter of fact we could have obtained a very much larger sum had we required it," added Sir Joseph. "The amount we required was, of course, regulated by the sum available in New Zealand. Having raised this loan of £5,500,000 we now have all the money we require for twelve months, since we have a large sum ready for use in New Zealand. The amount in the Treasury is £3,000,000, and there are other funds in excess of that sum, which we can use should occasion arise.''
Sir Joseph said it was true that part of the cash proceeds would probably be used temporarily to pay bff Treasury bills issued in London on account of the exchange difficulties hindering the remittance of cash from New Zealand. That cash was now invested here on fixed deposit. Sir Joseph told the interviewer that he was in a much, improved state of health and was looking forward to going to Wellington within the next •few weeks.
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Bibliographic details
Press, Volume LXVI, Issue 19918, 3 May 1930, Page 14
Word Count
219THE NEW LOAN. Press, Volume LXVI, Issue 19918, 3 May 1930, Page 14
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