N.Z. FINANCE

Gisborne Times, Volume LXXIII, Issue 11533, 9 January 1932, Page 5

N.Z. FINANCE

TRANSACTIONS IN LONDON

PROTEST BY CANTERBURY business men.

ALARM OVER EX POUTERS’ CREDITS.

(P res a Association) - CHRISTCHURCH, Jan. 3 An emphatic pretest against the action of the Government m using their powers under the Em> li_ cense Order, “to cover up tlie financial •difficulties of focal bodies bj giving them preference of London, exchange,” is contained m a letter addressed to the Prime Mmster by tho Canterbury Chamber ot Com* “Alarm is expressed that the Government intends to impound £U,WO 000 of exporters’ chedits. Hie Chamber agrees that Government interest duo on loans must l>e met, and- does not object to an arrangement to this eml, provided it- is only tompo arv, but objects to tin, commandeer of credit to pay local body interest. It also protests against the sum of • £4,000,060 being taken to repay Treasury bills. ■ . . The letter says: "Wo consider it. grossly unfair and unjust that the Government -should so restrict business and enterprise of the country, because it has failed lamentably iu reducing its expenditure m accordance with the country’s ability to find means, and so lias had recourse L> this too easy method of finance. Tlio Chamber also ask's whether tho Government proposes further loams by Treasury hills, and asks also for some definite 1 assurance that after the Government lias taken its fi14.000.000 there will lie sufficient funds available in Loudon for the reasonable requirements of legitimate trade. : «•»