LOAN MYSTERY IN PARLIAMENT.

Star (Christchurch), Issue 18900, 26 October 1929, Page 8

LOAN MYSTERY IN PARLIAMENT.

SIR J. G. WARD CLEARS UP MISUNDERSTANDING.

Per Press Association. WELLINGTON, October 25. Just before the ftouse adjourned this afternoon, the Hon G. W. Forbes, act-ing-Leader, stated that he had the authority of the Prime Minister to make the following explanation, as promised, in regard to his statement that the former Minister of Finance had made an arrangement restricting New Zealand borrowing in London for a certain period:— “In connection with the recent loan conversions, I had occasion to examine the Treasury files again. While doing so, my attention was drawn to the papers which had led me to believe that my r»- dccessor had negotiated for a £5,000,000 loan in London, and had given an undertaking not to go on the London market for a cash loan until April or May, 1930. The Treasury directed my attention to the fact that these papers are merely duplicates on this conversion file for cross reference, and did not relate to the transaction in question. It appears, therefore, that I was under a misapprehension in suggesting that my predecessor had negotiated a £5,000,000 loan for January, 1929, or had given an undertaking not to go on the market at any period. “I take this opportunity, therefore, of putting the matter right, and, in view of all the circumstances, no doubt the honourable member for Dunedin West (Mr Downie Stewart) will accept the explanation given of the misunderstanding, which I regret should have placed him in a false position."