NEW ZEALAND’S FINANCIAL STANDING

Press, Volume LXXV, Issue 22851, 26 October 1939, Page 12

NEW ZEALAND’S FINANCIAL STANDING

TO THE EDITOR OF THE PRESS Sir, —Does your correspondent “Simple Simon” agree that the £47,000,000 of London credits was built up by the Nationalist Party? If he does agree. I feel that before proceeding I am entitled to some attempt on his part to square this situation with the “economic blizzard” story so familiar from 1930 to 1935-36. During the trading period 1920-21 New Zealand was approximately £20.000.000 to the bad. (See Year Book.). There have been many periods in our history when we had completely exhausted London funds obtained through the sale of our produce. . , ~ The Labour Government has paid off considerable sums of overseas debt, and the volume of overseas funds has not on any occasion fallen below £4.000.000. which even a Nationalist must agree, compares favourably with past records. Now I do not wish to harp too much on these figures, but they are relevant to the case put to me by "Simple Simon and they are relevant to Mr Goodfellow’s charges. I feel, therefore, that before proceeding to answer “Simple Simon” and to -amplify my objections to the Labour Government s subservient attitude to London. “Simple Simon” might favour me with his views on the case I have set out to this letfr.-Yours, October 25 1939.