NEW ZEALAND'S OVERSEAS TRADE
TO THB ■DITOR 0» t«B PRISS. Sir, —In answer to Mr Bray, I did not overhear any caustiri remarks, one of the advantages of writing anonymously, of which practice I am glad to see he does disapprove. This last year's sterling balance which the Reserve Bank bought and holds is not what I was enquiring after. It is of previous balances, say of the last 16 or 20 years. If those yearly balances averaged only 50 per cent, of this year's balance, the total
would be enough to pay off the overseas debt. I maintain that these sterling balances are national property. They are the profit of the nation's overseas trade. Their equivalent in New Zealand currency has been paid to the exporters. The Reserve Bank is the guardian of the nation's solvency and should obtain possession of this national asset. —Yours, etc., KAYE HOE. November 15, 1934.
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Press, Volume LXX, Issue 21323, 16 November 1934, Page 8
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152NEW ZEALAND'S OVERSEAS TRADE Press, Volume LXX, Issue 21323, 16 November 1934, Page 8
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