MR NASH’S OFFER TO BRITAIN

Timaru Herald, Volume CXLVI, Issue 21360, 1 June 1939, Page 9

MR NASH’S OFFER TO BRITAIN

PLEA FOR INCREASE IN TRADE Criticism in London Answered “New Zealand Will Meet Obligations” Increasing Demand for Concessions United Press Association—By Electric Telegraph—Copyright LONDON, May 30. The New Zealand Minister cf Finance (the Hon. W. Nash) will see the Dominions Secretary (Sir Thomas Inskip) on June 2, and will discuss the loan position with New Zealand financial advisers in London. Mr Nash told the newspaper representatives that New Zealand would never default. Even though stocks remain on the present basis—a price which had to some extent been affected by politics—the Government would still meet the market. However, he hoped to convince the City that the strictures on New Zealand were not justified. Whatever the Government had done internally did not concern the City as long as it did not affect the willingness or capacity to meet interest charges.

Mr Nash added that he was prepared to offer the British Government an agreement under which, after

meeting debt and other charges, New Zealand would spend the maximum balances available in Britain, which would get proportionately more of New Zealand’s overseas trade than previously. Referring to the alleged grievances of the British manufacturers, Mr Nash said: “The Government desires to see British firms given preference, even over Australian, to establish industries in New Zealand.” He was already in touch with representatives of one large industry to come to New Zealand, despite the fact that American and Australian concerns had already rushed in with applications for permission. “The Daily Telegraph” considers that British exporters should ask for substantial concessions from Mr Nash, since New Zealand’s financial straits are due to her own policy, but if Mr Nash promises ability to meet debt charges, she will not be jeopardised, and he may be assured of accommodation. REAL PROBLEM FOR NEW ZEALAND “SLOWING DOWN OF EXPENSIVE REFORM” United Press AssocUtlon—By Electric Telegraph —Copyright Independent Cable Service (Received May 31, 11.36 p.m.) LONDON, May 31. “Thbe Financial Times” editorially says: “In view of the difficult external debt problem, the real problem of the

Dominion’s credit is that behind the exchange situation, lies a record of expensive social reform, public works, and guaranteed prices for dairy produce. The first essential should be a slowing down of expenditure on social and economic reforms in order to give a maximum effect to the present import control, but Mr Nash is apparently convinced that import control alone will be sufficient.”