N.Z. “Taking Bull By The Horns”
(Received 1 p.m.) LONDON, April 26. The city editor of “The Times’’ says that drastic measures are clearly necessary to maintain New Zealand’s credits and sterling balances. The new decree may be discouraging to British exporters, but rectification of the illbalanced exchange position is clearly necessary- if still more drastic restrictions are to be averted in the future. The Government’s action “is understandable in this light. The Dominion is taking the bull by the horns, and mav be able to build up sufficient sterling resources during the remainder of the export season to assure the smooth handling of arrangements to deal with the January redemption and intervening interest payments.” Commenting on New Zealand’s latest import restrictions, thp “Financial News’” says the cuts represent good news for bondholders. This is the case not only because they will conserve New Zealand’s London funds, but because it indicates that the New Zealand Government is prepared to modify its mistaken policy, which was responsible for, the trouble.
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Northern Advocate, 27 April 1939, Page 8
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169N.Z. “Taking Bull By The Horns” Northern Advocate, 27 April 1939, Page 8
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