NEW ZEALAND LOAN

Dominion, Volume 32, Issue 259, 31 July 1939, Page 12

NEW ZEALAND LOAN

British Press Opinions AN INGENIOUS COMPROMISE By Telegraph.—Press Assn.—Copyright (Received July 30, 6.30 p.m.) LONDON, July 29. Most commentators consider that the market has at last turned the corner and, barring political shocks, there should be a steady rise in prices accompanied by an expansion of business. The HCttlemeut of the New Zealand loan has removed one cause of weakness from the gilt-edged market. . The ‘‘lnvestors’ Chronicle” describes the New Zealand terms as an ingenious compromise necessitating economizing on the part of the Dominion. Britain does not object to the Dominion seeking Utopia if she can afford it, but when living beyond her means Britain is entitled to suggest a curtailment of expenditure, specially where Britain’s own business interests are affected. British exporting interests appear to have come out worst in the bargaining. The “Economist” similarly insists that while Britain does not wisli to interfere with New Zealand’s internal policy, Mr. Savage must associate it with the hard facts of the larger world. New Zealand is least, of all countries able to afford economic self-sufficiency, as the level of her internal costs is divorced from her trading position.