HEAVY BURDEN

Gisborne Times, Volume LXXIII, Issue 11832, 13 January 1933, Page 4

HEAVY BURDEN

NEW ZEALAND’S DEBT

COOLIDGES REMARK IN 1923,

THE TEST OF ADVERSITY. DUNEDIN, Jan. 10. I’lie Hon. J. A. Hauan recalls an interview he had with the late Alr. Calvin Coolidge at the "White House in 1928, when the ex-Prbsident remarked : “You come from that country with such a small population and s 0 new that it is so heavily burdened with debt.” "To . this Air. Hauan replied that much of New Zealand’s debt was incurred for development purposes and to provide cheap money •> for settlers and for other national needs. This drew from Mr. Coolidge the remark ' that the test ..Would come when tho country experienced a severe depression. It was doubtful, he continued, whether interest or rents duo to tho Government • would be paid, lot alone repayment of the principal amounts. Air. Coolidge considered also that a* severe' depression would test the continuance of-some of our advanced labor legislation. - Arc. Hanan gathered fnn" Mr. Cqqlidge’s remarks: that he thought. .Npw Zealund had - made too big; jumps; •* in advance forlier -populatibn; ancLfißatn*"eial' resources. - ' * Our price# defy :.'competitica;-r-A* W. j. Mann,'Chemist. V . '"'Mi- '■ v : ■'■■■