£8m Loan From Australia
(From Our Own Reporter) WELLINGTON, July 20. Approval for New Zealand to negotiate with Australia for a loan of about £8 million is expected within the next few days.
The way for this loan, which would amount to an extension of credit of up to 20 million Australian dollars, has already been prepared.
The Australian assistance would enable New Zealand to meet trading obligations. It is believed that; the Deputy Secretary to the Treasury (Mr N. R. Davis) and other officials sought the views of the Australian Treasury on the matter when in Australia for the recent S.E.A.T.O. and A.N.Z.U.S. talks. Originally it was thought that New Zealand would go
on the Australian market as is customary with bond raising on the London market. The alternative proposal, which has been favoured, is that the loan take the form of a credit, financed through the Commonwealth Bank of Australia, against New Zealand purchases. Under this system, New Zealand can use the credit to buy steel and manufactured goods bought from Australia. This would give New Zealand the assistance required without endangering Australia’s own programme by dragging money from the Australian loan market
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Bibliographic details
Press, Volume CVI, Issue 31117, 21 July 1966, Page 1
Word Count
195£8m Loan From Australia Press, Volume CVI, Issue 31117, 21 July 1966, Page 1
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