£2.5m From Bank This Year

Press, Volume CIV, Issue 30862, 22 September 1965, Page 3

£2.5m From Bank This Year

GV.Z. Press Association) , WELLINGTON, Sept. 21. | New Zealand had borrowed £2.5m from the World Bank this year, the Minister for internal Affairs (Mr Seath) told Parliament today. He was replying on behalf of the Minister of Finance (Mr Lake) to a question from Mr N. J. King (Oppn., Waitemata). Mr Seath said the total borrowed from the World Bank to date, excluding harbour board loans, amounted to £9.7m. A further sum of £l.9m would be available in respect of the current £11.6m electricity loan. in reply to a question from Mr M. A. Connelly (Oppn., Riccarton) Mr Seath said two loans had been raised overseas this year from sources other than the World Bank, a Euro-dollar loan of £6.9m

raised through New York, and a £lom loan in London to assist repaying a London maturing loan of £l7m. No other arrangements had been made for further borrowing of this nature this year, he said. Cost Of Decimals It was not possible at present to give the estimated cost of the change to decimal currency, said Mr Seath. Mr S. A. Whitehead (Oppn., Nelson) asked if there was a growing concern at the cost of the changeover and whether the present estimated costs were the same as those at the time it was decided to change to decimals. He asked how much overseas exchange would be involved in the change. Mr Seath said Government statements referring to profits to be made in connexion with coinage reforms had tended to reduce any concern about the cost. The costs were also offset by the

advantages and savings gained. No accurate estimate of the amount of overseas exchange involved could be made until registration of machines was complete and the cost of parts agreed with the manufacturers. “There is expected to be some net gain from the coinage replacement through the sale of metal and coin sets to overseas collectors exceeding the cost of the new coinage,” Mr Seath said. Lime Subsidy The Minister of Agriculture (Mr Taiboys) said it was not possible to estimate the additional annual cost to the country if lime were included in the fertiliser transport subsidy scheme. Mr H. V. Donald (Govt„ Wairarapa) had asked the Minister what the cost would be. Tongariro Park The present efforts and planning of the Tongariro

National Park Board were designed to cater for the needs of ail park users, said the Minister of Lands (Mr Gerard). He was replying to Mrs R. M. Stevenson (Govt., Taupo) yho asked if he would care to comment on criticism of the board appearing in the “Sunday News” under the heading, “Ruapehu Skiers At Boiling Point.” Mr Gerard said he considered the article an unfair attack on the chairman and members of the board. They were doing an excellent job in administrating the park. Mr Gerard said the basic problem involved providing facilities to cater for peak crowds on about 35 days of the year. Taxation Effect Mr A. J. Faulkner (Opp., Roskill) asked if the increase in taxation on public transport vehicles would result in increased fares. "I wouldn't think so,” said the Minister of Transport (Mr McAlpine).