AMENDE HONOURABLE

Evening Star, Issue 20316, 26 October 1929, Page 14

AMENDE HONOURABLE

PREMIER ADMITS MISTAKE NO LOAN HINDRANCE BY MR STEWART TPkb ' United Press Association.! WELLINGTON, October 25.Just before, the Houae adjourned . this afternoon the Acting Leader of the House (Mr Forbes) stated that he had the authority of- the Prime Minister ''Sir Joseph Ward) to make the following explanation. ”s promised in regard to his staten * , that the former Minister of Fina..-.o (Mr W. D. Stewart) had made an arrangement restricting New Zealand borrowing in London for a certain period. In connection with- the recent loan conversions I had occasion to examine the Treasury files _ again. While doing so my attention was drawn to the papers which had led me to believe that my predecessor had negotiated for a £5,UU0,000 loan in London, and had giveii an undertaking not to go on the London market tor a cadi loan until April or May, 1930. The Treasury directed my attention to the fact that , these papers are merely duplicates on this conversion 'file for cross reference, and did not relate to the transaction in question. It appears, therefore,that I was under a misapprehension in suggesting that my predecessor had negotiated a £5,000,000_ loan for January, 1929, or had given an undertaking not to go on the market at any period. I take this opportunity, therefore of putting the matter right, and in view of all the cir-

cumstances no doubt the hon. member for Dunedin West will accept th» explanation given of the misunderstanding which I regret should have placed him in a false position.