The Wanganui Chronicle TUESDAY , JULY 18, 1939. MR. NASH'S MISSION

Wanganui Chronicle, Volume 83, Issue 167, 18 July 1939, Page 6

The Wanganui Chronicle TUESDAY , JULY 18, 1939. MR. NASH'S MISSION

i\/P'' B mission to London was J’or more Ilian one purpose. Primarily its object was to repair the damaged credit slams of the Dominion. With this end in view tie had to liear in mind three major matters. One, the obtaining of intermediate accommodation to permit of the exchange and import control scheme being modified: two. the placating of manufacturers whose business connections with New Zealand have been severely disturbed, some temporarily and some proposcdly permanently: and three, the refunding of the loan of £17,01)0,000 which falls due at the end of the year, and for vvliicTi no provision lias as yet been made. In addition to the foregoing there is the problem of a co-ordinated defence programme between the Imperial Government, the Governments of the Australian ( onimonvealth. and of Xcw Zealand. The four mailers are iiaiiirally inter-related. I he key log of problem is that of securing temporarv financial assistance. It this could be obtained, then the restrictions on imports could be relaxed and a better atmosphere erealcd in which to negotiate a conversion of lhe maturing loan. This would be looked on more favourably if the eo-ordinafed defence scheme were advanced in a satisfactory manner, for the Lnglish investor is hardly likely to send his money io a country which is vulnerable io attack. I iilorlunately. two events have occurred which have handicapped .Mr. Nash's efforts, one. his own speech in Dublin, which appears to have been llavonred to ensure its favourable acceptance with bis audience without sufficient regard being given io the reactions of London; and two, the discussions that have Liken place advocating the appointment of a .New Zealander as lhe next Governor-General. It is not surprising that under such discouraging eireum-stam-es Air. Savage should contemplate upon the advisability of handing over io the dairy farmers the marketing of their own product, presumably leaving them to devise ways and means of their own how they are going to finance the prospective ,£2.000.001) deficit in the Dairy Produce Marketing Account. A little more, restraint in lhe distribution of Government largesse, and an absence of unrestrained language concerning "gangster finance” would have been much more helpful to New Zealand’s finances and io Mr. Nash's efforts in London: for it is not to be expected that New Zealand can deplete her own resources. offend her customers, insult her creditors, and at the same limo enjoy the confidence of those who control the I'iiv of London's financial resource.