Nash On Loan From U.S. Suggestion

Northern Advocate, 26 April 1940, Page 4

Nash On Loan From U.S. Suggestion

[Per Press Association. Copyright.] WELLINGTON, This Day. The advantages and disadvantages of New Zealand raising a loan in the United States were analysed by the Minister for Customs (Mr Nash) in his reply to a deputation of importing interests which waited on him on Wednesday. The Minister said he had received a; letter suggesting that the Dominion* should take steps to raise a loan in | America. . ! There was something to be said for * the suggestion. j “We can borrow from the United * States, but Britain Cannot,” he said. f “We are not affected by the John-? son Act. because we never failed in * connection with the war loan to the f United States after the last war.. ?

To the* extent that we did j borrow, Britain would be able to f buy more from the U.S., but if we £ did we would still be adding to i our overseas debt, and that is big | enough at present. |

“The Government is not keen to add to our burden of debt overseas. “We will add to it to the exent of .£20,000,000 due to the war.

“If we did try to pay for that, the effect, so far as imports are concerned, may create even greater hardship.”