“RUINING OUR CREDIT"

Evening Star, Issue 21505, 1 September 1933, Page 7

“RUINING OUR CREDIT"

THE LONDON INTEREST DISPUTE [Special to the ‘ Star.’] AUCKLAND, September 1.- “ New Zealand’s credit is being ruined by this discussion on the question whether we should pay interest in sterling or in New Zealand currency, and I think the chamber should take the matter up with the Minister and have a stop put to any further argument,” said Mr J. Hislop (who recently was much in the public eye over the Sanders Cup) at a meeting of the council of the Chamber of Commerce. He had. drawn the attention of the council to the announcement that Mr J. A. C. Allum, chairman of the Auckland Transport Board, would he leaving shortly for London to discuss with the English bondholders the payment of the interest on the board’s loans. Mr Hislop said Mr Allum would get nowhere with his mission, and_ the more talk there was the worse it would he for New Zealand. The Chairman (Mr Harvey Turner), said a special sub-committee of the chamber had the of interest payments under consideration, and, aa this sub-committee would be reporting within a fortnight, the suggestion should be referred to it. The chairman’s suggestion was adopted, and it was stated that, as Mr Allum was a member of the subcommittee, members would no doubt bo in a better position to discuss the question.