INTERNAL LOANS
Defence By Mr Lake
The fact that the Government had raised three internal cash loans last year was a matter for congratulation, not commiseration, said the Minister of Finance (Mr Lake) yesterday to the annual meeting of the Canter-bury-Westland division of the National Party. “I am sure Mr Nordmeyer would have been a happy man during 1958-59 if he could haye floated three cash loans, each over-subscribed by the public,” the Minister said. The £81.5m raised last year was used to finance the capital works programme, the Minister said, and £Bm was transferred to the loans redemption account. The alternative would have been to impose higher taxes or use bank credit, he added.
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Bibliographic details
Press, Volume CII, Issue 30144, 30 May 1963, Page 15
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115INTERNAL LOANS Press, Volume CII, Issue 30144, 30 May 1963, Page 15
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