MALICE ALLEGED
FINANCIAL INTERESTS NEW ZEALAND'S CREDIT INJURED BY CAMPAIGN CHARGE BY LABOUR JOURNAL (United Press Association) (By Electric Telegraph—Copyright) LONDON May 18. (Received May 18, at 11.40 p.m.) The city editor of the Daily Herald, commenting on the failure of New Zealand stocks to respond to the excellent Budget figures, says the reason is that " certain city firms, partly inspired by New Zealand financial interests, have for some time been carrying on a malicious campaign against New Zealand credit."
The article adds: "The New Zealand surplus is a fine tribute to the soundness of the Government's financial policy. Its success is partly due to the boom in New Zealand exports, especially for butter, but, if exports fall, the real test of New Zealand's policy will come. The Government may have to choose between drastically controlling imports or devaluing the New Zealand pound. " The Government's ambitious pensions plan has inspired politically hostile financial interests, jealous of the Government's success, to spread rumours injurious to New Zealand credit."
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Bibliographic details
Otago Daily Times, Issue 23504, 19 May 1938, Page 11
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167MALICE ALLEGED Otago Daily Times, Issue 23504, 19 May 1938, Page 11
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