Mr Marshall To Seek More Loans

Press, Volume CVI, Issue 31077, 4 June 1966, Page 1

Mr Marshall To Seek More Loans

(New Zealand Press Association)

WELLINGTON, June 3. The Deputy-Prime Minister (Mr Marshall) will have talks in the United States and Britain on the possibility of raising further loans for New Zealand.

He left Wellington tonight for five weeks of talks, mostly on New Zealand's overseas trade.

“In additional to the talks on trade I will be having discussions with the Secretary of the Treasury in Washington, the World Bank, the International Monetary Fund, and the Chancellor of the Exchequer in London with a view to raising moneys by New Zealand for capital development works.” Mr Marshall said tonight. He said restrictions had been placed on overseas lending by both the United States and the British Governments, but the restrictions were not absolute.

“It is felt that New Zealand has a strong case as a country with a developing economy and a good security value,” Mr Marshall said. Because of this he believed New Zealand would receive favourable consideration. If the talks indicated that there was a reasonable prospect of raising loans for capital development the appropriate applications would be made, he said.

The Government is prepared to borrow at a higher rate than at present to ensure a high rate of development within the country. It is determined to do everything it can to boost the growth of both farming and industry.