HELP TO N.Z.

Wanganui Chronicle, Volume 83, Issue 142, 19 June 1939, Page 7

HELP TO N.Z.

POSSIBLE ALTERNATIVE FURTHER CUT IN IMPORTS SPEECH BY MR. NASH

(By Telegraph—Press Association—Copyright) LONDON, June 16. Addressing the London Chamber of Commerce, the New Zealand Minister of Finance, the Hon. W. Nash, i said he wanted to make an agree- j ment with the British Government. .' so as to ensure that the proceeds of New Zealand exports after the de- . duction of debt charges would bo spent in Britain. If New Zealand was not helped it might be necessary to cut imports further, which would bo , harmful both to England and to NevZealand. He admitted that there had been a breach of the letter of the Ottawa Agreement, but that was due to the , 'necessity for meeting the Dominion's “Britain must do her part,’’ Ihe declared. ‘.‘She cannot sumultanepusly have the debt paid and flood New Zealand with goods, especially , when the defence expenditure for the current yean will be increased by £l.-1 000,000 to £2,000,000 and may be even greater.” Mr. Nash was accorded a most favourable reception, but the gcod impression was weakened by subsequent speakers, who contended that it was open to New Zealand to solve her problems as Australia had solved hers. FINANCIERS ATTACKED ATTITLDE TOWARD NFAV ZEALAND. Received June 18. .11.55 p.m. LONDON, June 18. Reynolds News publishes a frontpage attack on the financiers for lheir attitude toward New Zealand, under the headline “City versus New Zealand: Blackmail of Dominion.'’ The journal says that behind the Federation of British Industries' threat to boycott New Zealand until the import, restrictions are lifted "lies a discreditable story of financial and political intrigue to discredit the Nev.Zealand Labour Government and force a financial crisis on the country. (The attack centres on the efforts of Mr. Nash to convert the £17,000,000 loan). The City’s reply is a definite refusal to enter into nego-

tiations until New Zealand abandons or modifies her social reform legislation and accepts the control of the banks in financial dealings."