NO DETAILS YET OF THE LONDON FINANCE MYSTERY.

Star (Christchurch), Issue 18642, 20 December 1928, Page 8

NO DETAILS YET OF THE LONDON FINANCE MYSTERY.

SIR JOSEPH WARD’S GUARDED STATEMENT. (Special to the “ Star.”) WELLINGTON, December 19. When Sir Joseph Ward was reminded to-day of the public interest in certain important finance transactions he found left over awaiting his decision on taking up office, he replied that he wished in the first place to state definitely that these proposals, whichever way they might have been decided by the previous Government or by himself, in no way reflected upon the high credit of the country or its powers to borrow in London, or to keep its engagements. The negotiations which were initiated from the London end came up probably at an inopportune time for easy handling before the general elections. “ The transactions were under a confidential seal,” said Sir Joseph, “ and I was not myself aware of the nature of these matters until December 13, when I took over the office. It is obvious that the proposals in no way affected the country’s credit. They were made before it was known what Government would be in power. “It has been hinted that the conversion of the 1929 maturities was the difficulty, but while arising out of this, the proposals before me go much further, and involve a marked departure from what has been the usual course in London finance, and they did have an.important bearing, in my own opinion, on the policy which the country endorsed at the election. “As soon as I had realised this, I had to give very serious consideration to a review of the whole position so as to decide upon the best course to pursue in the interests of the country. This I have now been able to clear up, and have cabled London my decision, the result of which will, when the whole transaction is completed, become ' public as usual. At present the details cannot be discussed.”