N.Z. Financial Help To Britain Attracts Attention
(Received 1 p.m.) LONDON, September 13
The contributions which the Dominions have made towards financing the United Kingdom's budgetary deficit, through increases in their London balances, have recently attracted attention.
T'ne "Economist” calculates that India, New Zealand, Australia, South Africa, Egypt and Eire together have increased their London sterling fund by £89,000.000 or £90,000.000, which represents a 40 per cent. rise. The "Manchester Guardian" says the increase undoubtedly is a most useful aid for Britain’s war finance. India has contributed most towards the expansion, with New Zealand next. The “Economist” estimates that New Zealand’s sterling assets are £19,750.000, compared with £1.100.000 before the war. Australia's increase, on the contrary, is singularly small. Financial circles do not expect the expansion of the Dominion’s overseas assets to proceed much further. Among the reasons for this is the flow of gifts of one kind or another from the Empire to the British Exchequer.
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Northern Advocate, 14 September 1940, Page 2
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157N.Z. Financial Help To Britain Attracts Attention Northern Advocate, 14 September 1940, Page 2
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