No Pledge Regarding Future Financial Policy, Says Mr Nash

Northern Advocate, 24 July 1939, Page 6

No Pledge Regarding Future Financial Policy, Says Mr Nash

, LONDON, July 22. i ACCORDING TO A STATEMENT WHICH THE NEW ZEALAND MLN- ■ ISTER OF FINANCE, MR WALTER NASH, MADE TO THE “FINANCIAL NEWS,” NEW ZEALAND HAS NOT BEEN REQUIRED TO GIVE BRITAIN PLEDGES IN RESPECT OF HER FUTURE FINANCIAL POLICY.

r Mr N.ash declared: “All my assurances were confined to the operation of the import restrictions.

“Our intention is to maintain the import regulations, but to relax the restrictions as and when the state of the London funds permits.

“We want so to organise our imports that finance through normal channels will always be available,” said Mr Nash. He does not consider, as the British Government does, that the restrictions are in contravention of the Ottawa agreement, now that he has promised they will not be used tQ foster uneconomic industries.

Renewal of Credits.

Mr Nash also stated that Britain was prepared to renew the export credit facilities, if necessary, but not in excess of the present £4,000,000. Mr Nash is “pleased, but not satisfied,” with the result of his negotiation. He said New Zealand hoped to repay the credits from funds built up in the export season of 1940, as the facilities might again be needed at the end of 1940. Mr Nash is remaining in London to complete the loan conversion details with Mr Montagu Norman, Governor of the Bank of England, which are admittedly most difficult.