Will Grant See NZ Out of Wood?

Manawatu Times, Volume 64, Issue 171, 22 July 1939, Page 5

Will Grant See NZ Out of Wood?

Coat Must be Cut According to Cloth

CONVERSION PLANS United Press Association.—By Electric Telegraph.—Copyright. LONDON, July 20. The City editor of the Daily Mail says; “Mr Nash seemed to be tired and by no means confident that the credits granted by tho British Government would see New Zealand out of the wood, but the credits will avert the risk of commercial default.” The News Chronicle's City editor says that Mr Nash’s acceptance must premise the genuine intention of New Zcaand to cut its coat according to its cloth. The City editor of the Daily Herak?, the Labour organ, says that the final conversions of the £ 17-million loan is likely to be a short-term public issue repayable in 1941/5, with obligatory interim repayments. The Herald also considers that the agreement is not unreasonable. British .manufacturers, it says, should not com-: iplain, as the credits will be spent in ’Britain.

New Zealand stocks are certain to rise, as the Dominion fully honours obligations to investors.

The City editor of The Times says that the agreement implies that New Zealand will take steps to curtail overseas expenditure and thus relieve the pressure on available exchange from the long-term viewpoint. Mr R. H. Hudson, Parliamentary Secretary to the Board of Overseas Trade, speaking at a dinner of the Chambers of Commerce Congress, warned the Dominions that any curtailment of United Kingdom exports on their part would reduce Britain's capacity and willingness to go on buying and would impair England’s economic strength at a time when it was vital that it should be maintained in order to defend the Empire. It is understood that the Dominions Office does not agree that New Zealand’s policy is inconsistent with the Ottawa agreement.

NEW ZEALAND SHOULD HAVE BEEN GIVEN MORE”

Received Friday, 10.20 p.m. LONDON, July 21,

Tho Times, in an editorial regarding the New Zealand credits, points out that the memorandum takes notice of the reassurances given by Mr. Nash in regard to the application of the licensing system, a counting to a declaration that British trade to New Zealand will continue to enjoy the advantages stipulated by Ottawa, though. Ottawa is not mentioned. The assurances are not new, having been given originally by Mr. Savage. “Their incorporation in the joint .memorandum may bo regarded as an attempt to save the spirit of the Ottawa Agreement, while not protesting against tho violation in the letter.” The Daily Express says New Zealand should have been given more. It wel- ! comes the first instalment of a policy of lending to British countries, instead of squandering funds abroad. SECOND PERIOD PASSES WELLINGTON, July 21. With a view to assisting in the arrangements being made by tho Reserve Bank concerning overseas remittances and to removing uncertainty as to when overseas funds will bo made available to particular importers, Hon. H. G. R. Mason, acting for the Minister of Customs, announced to-day that it had been decided to require that applications for licences to import goods during the second period of the present year should be lodged with the Customs Department not later August 1 next. Tho Customs Department would make every endeavour to issue licences us early as possible, although it would be recognised that in some instances tho necessary investigation might entail a little unavoidable delay.

“I think,” said the Minister, “that in the circumstances the expediency of making immediate application will be fully appreciated by importers.”