STERLING FUNDS

Manawatu Standard, Volume LXI, Issue 88, 13 March 1941, Page 6

STERLING FUNDS

minister satisfied.

WAR COMMITMENTS. AVELLINGTON, Alarch 13. Satisfaction with the condition of sterling funds, to meet commitments for war charges and loan repayment; was expressed in an interview last, night by the Alinister ot i l nance (Hon. AV Nash). .Replying to a question Mr Nash said that nune ot the holdings of overseas securities and currency mobilised by the Government had been appropriated so far. .“AVe are in a nice position just now to meet anv charge in connection with the war,” Mr Nash said when he was asked if he was satisfied with the rise in sterling exchange disclosed m Reserve Bank returns. “AVill the sterling funds be used, as has been suggested by the Financial Times in a recent cable, in the repayment of debts falling due in London in the next few years?” the Alinister was asked. ’ “AVe have already done that, . he replied. “AVe have not renewed any loans and we will repay the only l° al J falling due this year. It is ot £3,500,000, half of which is due in June and the remainder at the end of the year. That loan will be repaid on the due dates.” Answering a question on the appropriation of overseas securir.ies, Mr Nash said full particulars of overseas holdings had compiled but there had been .no need to take action under the powers given by the Emergency Regulations. COMPULSORY LOAN. The money received from the compulsorv war loan was greater than ho had expected when the loan was issued, the Alinister said. The subscriptions so far received amounted to between £9,000,000 and £10,000,000. All the appeals against contributing had not yet been heard. Those who had defaulted had received notices in the ordinary way and were being given the rigfit of appeal before their names were gazetted as defaulters.