NEW ZEALAND POUND
COMMENT ON THE FALL "PAYING FOR EXTRAVAGANCE" (Received October 21, 5.45 p.m.) LONDON, Oct. 20 The City editor of the Daily Mail, commenting on the fall of the New Zealand pound, says that in spite of Mr. Savage's reiterated assurances that capital is safe, it is becoming increasingly plain that the country cannot escape paying sooner or later for the extravagance of recent socialistic legislation. The City editor of the Times expresses the opinion that the slight depreciation of the New Zealand pound is not connected with the elections, although if the National Party had been returned and had reversed the Labour dairy policy the trading banks would presumably not have been short of sterling. The Daily Herald says the devaluation is not due to the Labour victory, but is a step the trading banks have long contemplated.
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Bibliographic details
New Zealand Herald, Volume LXXV, Issue 23175, 22 October 1938, Page 13
Word Count
141NEW ZEALAND POUND New Zealand Herald, Volume LXXV, Issue 23175, 22 October 1938, Page 13
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