Pleased But Not Satisfied

Manawatu Times, Volume 64, Issue 172, 24 July 1939, Page 7

Pleased But Not Satisfied

Mr. Nash on Result of Negotiations

STAYING ON FOR LOAN CONVERSION United Press Association.—By Electric Telegraph.—Copyright. Received Sunday, 9.30 p.m. LONDON, July 22. According to a statement Hon. Walter Nash made to the Financial News, New Zealand is not required to givo Britain pledges iu respect of her futuro,financial policy. He declared: “All my assurances were confined to the operation of the import restrictions. Our intention is to maintain the import regulations but relax tho restrictions us and when the state of the London funds permit. We want so to organise our imports that finance through normal channels will always be available."

Mr. Nash does not consider, like the British Government, that the restrictions arc a contravention of the Ottawa agreement, now that he has promised they will not be used to foster uneconomic industries.

Mr. Nash also stated that Britain was prepared to renew the export credit facilities if necessary, but not in excess of tho present £4,000,000. He added that he was “pleased but not satisfied" with the result of the negotiations. New Zealand hoped to repay the credits from funds built up iu the export season of 1940, as the facilities might again bo ueeded at the end of 1940. Mr. Nash is remaining in London to complete the conversion arrangements with Mr. Montague Norman, which arc admittedly most difficult.