London Press Comments

Northern Advocate, 22 July 1939, Page 8

London Press Comments

(Received 2 p.m.) LONDON, July 20,

The city editor of “The Times” says the agreement implies that New Zealand will take steps to curtail her overseas expenditure, and thus relieve the pressure on the available exchange from the long-term viewpoint.

The city editor of the “Daily Mail” says Mr Nash seemed tired, and by no means confident that the credit would see New Zealand out of the wood, but the credits will avert the risk of commercial default.

The city editor of the “News Chronicle” says: “Mr Nash’s acceptance must premise the genuine intention of New Zealand to cut her coat according to her cloth.”

The “Daily Herald” says the final conversion is likely to be a short-term public issue repayable in 1941-45, with obligatory interim repayments. The paper also considers that the agreement is not unreasonable. British manufacturers should not complain, as the credits will bo spent in Britain. New Zealand stocks are certain to rise, as the Dominion fully honours its obligations to investors. The Secretary of the Department of Overseas Trade, Mr R. S. Hudson,

speaking at the Chambers of Commerce dinner, warned the Dominion that any curtailment of United Kingdom exports on their part would reduce Britain’s capacity and willingness to go on buying, and impair England’s economic strength at a time when it was vital it should bo maintained in order to defend the Empire. It is understood that the Dominions Office does not agree that New Zealand’s policy is consistent with the Ottawa Agreement.