N.Z. CREDIT AT LONDON

Grey River Argus, 20 May 1938, Page 10

N.Z. CREDIT AT LONDON

MALICIOUS FINANCIERS.

ATTEMPT TO DAMAGE IT.

[Aust, & N.Z. Cable Assn.] LONDON, May 18.

The city editor of the “Daily Herald,” commenting on the failure nf New Zealand stocks to respond Io the excellent Budget figures, says it is because “certain city firms, partly inspired by New Zealand financial interests, have for some time been carrying on a malicious campaign against New Zealand’s credit.” He adds: “The New Zealand surplus is a fine tribute to the soundness of the Government’s financial policy. The success is partly due to the boom in New Zealand exports, especially butter; but if export prices fall the real test of New Zealand s policy will come. The Government may have to choose between drastically ‘ontrolling imports and devaluing the New Zealand pound. The Government's ambitious pensions plan has inspired politically hostile financial interests, jealous of the Government’s success, to spread rumours injurious h) Jiew Zealand’s credit..’’