BALANCES VERY LOW
GRAVE DANGER OF COMMERCIAL DEFAULT LONDON PAPER’S COMMENT (Received 30th June, 11.10 a.m.) LONDON, 29th June. The “Daily Mail s” city editor understands that New Zealand’s London balances are now so low that there is grave danger of commercial default within three weeks unless something is done to prevent it. New Zealand importers having to neet payments for goods from Britain which have already arrived in New Zealand will be forced to pay in New Zealand pounds. This is a serious matter for exports from Britain and will mean a further fall in New Zealand currency. Mr Nash would be severely handicapped in his task of converting the debt by such a blow to New Zealand credit if it were not possible to evolve a method whereby the regular financing of imports can be continued pending an adjustment of trade.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NEM19390630.2.52
Bibliographic details
Nelson Evening Mail, Volume LXXIII, 30 June 1939, Page 5
Word Count
143BALANCES VERY LOW Nelson Evening Mail, Volume LXXIII, 30 June 1939, Page 5
Using This Item
Stuff Ltd is the copyright owner for the Nelson Evening Mail. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.