OBTAINING OVERSEAS FUNDS
COMPULSORY SALE OF
SECURITIES
DR. M»MILLAN»S QUESTION TO PRIME MINISTER
firora Our Parliamentary Reporter.) WELLINGTON, July 20. An inquiry as to whether the Prime Minister (the Rt. Hon. M. J. Savage) would consider adopting a proposal to compel New Zealand holders to sell their overseas securities to the Government, payment being made in Dominion currency, to assist in meeting the loan falling due next January, was contained in a question of which Dr. D. G. McMillan (Government, Dunedin West) gave notice in the House of Representatives to-day. Dr. McMillan will ask whether Mr Savage has seen an article in the London “Financial News’’ of May 26, explaining how Great Britain obtained overseas funds to the extent of £622,000,000 in a time of financial stringency by compelling British holders to sell their American and other overseas securities to the British Government,, payment being made to the holders in British currency. He will also ask whether Mr Savage would consider adopting a similar proposal to assist New Zealand to meet the loan falling due next January.
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Bibliographic details
Press, Volume LXXV, Issue 22768, 21 July 1939, Page 12
Word Count
177OBTAINING OVERSEAS FUNDS Press, Volume LXXV, Issue 22768, 21 July 1939, Page 12
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