EXTERNAL DEBTS

Dominion, Volume 25, Issue 167, 11 April 1932, Page 8

EXTERNAL DEBTS

New Zealand’s Sacrifices BALANCING THE BUDGET By Telegraph—Press Assn.—Copyright. (“Times” Cable.) London, April 8. “The Times” states that the New Zealand Government has resolved to shrink from no sacrifice to balance its Budget, “It is perfectly true, as the Hon. W. Downie Stewart says, that New Zealand can only meet her London obligations as prices now are, by severely restricting her purchases of British goods. “The catastrophic fall has doubled, or more than doubled, the real burden of external debt for all primary producing countries, which is a disaster not only to them, but to industrial countries supplying their markets. There is a faint Hope that some remedy may be found at. Lausanne, but if the gold price level cannot be raised, the Ottawa Conference should seek a means of raising the sterling price level for the benefit of the Empire, and many other countries trading on a sterling basis. The desirability of raising prices is commonly admitted. The real problem is how to bring it about. Experience Ans shown that cheap money alone will not achieve the object.”