ARGUMENT ON ASSETS

Press, Volume XCIX, Issue 29367, 21 November 1960, Page 16

ARGUMENT ON ASSETS

Prime Minister Replies Quite irrelevant material regarding the reserve funds invested in London had been introduced by the Leader of the Opposition (Mr Holyoake) in interpreting figures of New Zealand’s overseas reserves at the end of 1957, the Prime Minister (Mr Nash) said during the weekend. Mr Nash was replying to a statement by Mr Holyoake in Christchurch on Friday. “Here are the facts that matter,” Mr Nash said. “On November 15, at Dunedin, and as reported on Wednesday. Mr Holyoake said the following: ‘Mr Nash said here last night that overseas funds fell by £4sm. That is correct. But the Prime Minister left the misleading impression that this was the level in November 1957, when the Labour Government took office In fact, it was March, 1958 after the Government had been in office for four months.' “I immediately corrected Mr Holyoake by quoting from the latest Abstract of Statistics that at the end of December, 1957. our overseas assets were £45,474,000,” Mr Nash said. “I even posted a copy of October’s Abstract, produced by the Government Statistician, to Mr Holyoake, to help him understand the position. “I never at any time claimed that that figure was reached at the date of the election. November 30. 1957. “I would also remind Mr Holyoake that the Labour Government did not assume office until December 12, 1957. “As for the overseas assets in March, 1958, the figure was £49.798,000. “In his latest statement, Mr Holyoake has introduced quite irrelevant materials regarding the reserve funds invested in London, which were put there for specific purposes—defence purchases, earthquake and war damage insurance and so on—and were not associated with pavments for imports. “Those are the facts, verifiable by anyone," Mr Nash said.