GOING TOO FAR AND TOO FAST

Nelson Evening Mail, Volume LXXII, 27 February 1939, Page 6

GOING TOO FAR AND TOO FAST

NEW ZEALAND GOVERNMENT CRITICISED I REPLY BY HIGH COMMISSIONER j'U I* A -by Electric Tclesrspb —Coovncbtl LONDON, 24th February. “The New Zealand Government it going too far and too fast,” declared Lord Balfour, chairman of the National Bank of New Zealand, speaking at the reception to the New Zealand Group of the Overseas League. He added that the Dominion was experiencing a period of economic and financial stress and must remember that the large loan maturing must be met in London at the beginning of 1940. He was convinced that the Dominion's resources and character of the people would enable her to retain her position in the world’s financial market. The New Zealand High Commissioner. Mr W. J. Jordan, warmly replying to Lord Balfour s criticism, pointed out that 56 per cent, of the voters approved of the policy of the Government, which was carrying out the injunction to care for the poor, the old and the afflicted. "That injunction was made 2000 years ago. yet to-day—Lord Balfour says—we are going too far and too fast. "As for the maturing loan. I believe it will be renewed. The question is on what terms?” OBLIGATIONS WILL BE MET COMMENT BY PRIME MINISTER t United Press AriutciSnnn 1 WELLINGTON, 25th February. I “Though 1 am not a young man. I am not a little bit afraid of the consequences of the pace at which we are travelling.’ said the Prime Minister (the Rt. Hon M J. Savage), when commenting on the cabled remarks of Lord Balfour, that the Dominion Government is going too far and too fast. Mr Savage said that the Government at the present time was engaged in a campaign that would mean more to New Zealand in the way of Increased production than any action that had been taken for generations past “People In London need not be the slightest bit worried about our obligations to them,” added the Prime Minister. "We will meet them to the full, and we hope the time It not far distant when we will have a working arrangement with the British Government. if necessary to see that every shilling we get from them will be spent there."