“ DELICATE PLANT.”
Credit Liable to Shrink, i* M.P.’s Warning. NEW ZEALAND’S POSITION. Per Press Association. AUCKLAND, March 21. Addressing the Club at a luncheon to-day, the Hon W . Downie Stewart, M.P., said: “Credit is a most delicate plant that shrinks and withers at the least indication of the relaxation of high standards.” Mr Stewart said that Auckland had recently provided an example. He understood that owing to doubt* concerning the intentions of certain local bodies no Auckland stocks could be quoted on the London Stock Exchange. That meant that credit was in suspense in London. Similar principles applied in the wider sphere of State credit and also of international credit. It was often asked why New Zealand should w’orry about London financiers and be under the domination of Britain, but that view would be tenable only if the Dominion did not trade with Britain and did not raise finance in London. “ We cannot take the money of the London financiers and then ignore the rules they lay down,” said Mr Stewart.
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https://paperspast.natlib.govt.nz/newspapers/TS19340321.2.121
Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20260, 21 March 1934, Page 7
Word Count
171“ DELICATE PLANT.” Star (Christchurch), Volume LXVI, Issue 20260, 21 March 1934, Page 7
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