OUR WAR DEBT

Evening Post, Volume CXIV, Issue 25, 29 July 1932, Page 8

OUR WAR DEBT

OBLIGATIONS TO BRITAIN

NE(iOTIATIONS ; AT QTTfiWX

Questioned regarding the cablo tttm Ottawa yesterday stating - that' r ■ Sfifc Coates considered Britain's succe.ssftA war loan conversion might have an ii& portant bearing on New'Zealand'se* ternal interest charges,' the Prin» Minister (th© Bight Hon. G. "W# Forbes) pointed out that .onlf £11,100,000 was included in the totdt Dominion war debt to Great Britain amounting to over £27,000,00% This sum of £.11,100,000 was included in the Dominion's" original funded war debt of £27,532,000, but nothing apart-from this'was affected by the British conversion. Bepayments on account of New Zealand's funded war, debt since the funding in' 1922 amounted to £3,431,000, and.of this the amount repaid in respect of the £11,100,000 was £890,000, leaving £10,210,000 outstanding. Interest on the funded debt amounted to 5 per cent., and'a reduction to 3J per cent./would mean- a saving to flow' Zealand of ' £153,000 for the, first year ? the saving being reduced as tbo principal was, reduced by capital repayments. , It 'had been intended, when ,-the British conversion had 'been completed, said Mr. Forbes, to discuss the question of interest on New Zealand's funded war debt with the British authorities'. Now that the success of s the conver«ipj» scheme was practically assured, both Mr. Coates and Mr. Stewart would,no doubt take the question up with the members of the British Government 'at Ottawa, and especially with therChancellor of the Exchequer, Mr. Neville Chamberlain, whose presence in" Canada would be a, great advantage.' A VISIT TO LQNDON? The Prime Minister': intimated that if it proved -necessary for the Minister of Finance (tho Hon. W., Downie Stewart) and the Secretary of the Treasury (Mr. A. D. Park)-to. go. to London at tho conclusion of, the-Ot-tawa Conference, in connection. with financial inattors,' the 'Government might consider postponing' the 'coming session for a short time. Coming fresh from the Ottawa Conference,, Mr. Stewart's services in New 'Zealand during next sessiou would-be ,'indispensable, for he was concerning himself mainly with currency .and allied questions at Ottawa, and if legislation, were required next session to give effect to any decisions reached at \ the Imperial Conference, ho would be tcquired to-handle Bills brought'downMr. Park also would be nerded'heriii