N.Z. BONDS HELD IN LONDON

Press, Volume LXIX, Issue 20961, 15 September 1933, Page 9

N.Z. BONDS HELD IN LONDON

PRAISE FOR GOVERNMENT'S ACTION HIGH EXCHANGE ATTACKED (CSITED PRESS ASSOCIATION— BT ELT.CTT.IG XXLBG EAI'H—CO t YBIGHT.) * (Received September 14, 8.30 p.m.) LONDON, September 14. The "Financial News" says that New Zealand is to be congratulated on her firm resistance to the efforts of individual local authorities to meet London interest payments in depreciated currency. The policy of the Government is morally right, because the depreciation is largely the result of deliberate devaluation, against the advice of the Hon. W. Downie Stewart. The "Financial Times'' says that New Zealand has decided not to sell her birthright for a mess of pottage, and has thus set an example worth a good deal to the world in its present mood. The city editor of the "Daily Mail" says: "The New Zealand Government s exemplary attitude goes beyond the protection of Southland bondholders, for it shields New Zealanders against a slur on their national, credit, which has always stood high in the city. This reputation will be! enhanced by the Government's unequivocal stand for the sanctity of a contract and financial integrity."