ASSETS £60m
(N Z Press Associations WELLINGTON, August IS. The present overseas assets of the New Zealand banking system were about £6O million pounds, the Minister of Finance (Mr Lake) told Parliament today.
Mr Lake was answering questions arising from his reported speech to the Canterbury division of the New Zealand Institute of Management on August 16 in which he referred to the possible future economic situation.
In answer to one questioner, Mr Lake said: “It could be true to say—if you can stretch your imagination far enough—that all New Zealand's reserves are borrowed money.
“It would also be proper to say that none of it was borrowed money because it is all being used for development.”
Mr Lake said that in fact, he had made an understatement of the position when he stated that New Zealand’s total reserves available were about £135 million. This had not taken into account the loan recently raised with the Reserve Bank of Australia of 30 million Australian dollars.
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Bibliographic details
Press, Volume CVI, Issue 31143, 20 August 1966, Page 3
Word Count
165ASSETS £60m Press, Volume CVI, Issue 31143, 20 August 1966, Page 3
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