LOANS FALLING DUE.

Waikato Times, Volume 102, Issue 17076, 13 April 1927, Page 8

LOANS FALLING DUE.

MR HAYES’ STATEMENT.

MINISTERIAL EXPLANATION. (Times Correspondent.) WELLINGTON, Tuesday. ■ My attention has been drawn, said the Minister of Finance (Hon. W. ■Downio Stewart), to several newspaper articles criticising a recent statement by Mr Hayes, Secretary to the Treasury, who is at present in London. The statement complained of was to the effect that no New Zealand loans would be maturing till 1929-30, whereas it is pointed out by the newspapers that according to the Year Book there are loans falling due in each year from 1927 onwards. The explanation is that Mr Hayes was clearly referring to the fact that there were no overseas loans falling due in London until 1929-30, as it is that aspect of the loan position which primarily interests the financial world in London.

From the last Budget it will be seen that with the exception of £SI,IOO held in Australia all the loans maturing during the present financial year (1927-28) are held in New Zealand, arid with the exception of the relatively small amount of £13,000 held in London (of which only £IOO is held by the public) the same remark applies to the loans falling due in 192829. Incidentally, it may be mentioned that the greater part of these loans, maturing before March 31, 1929, is held not by the public but by Government departments.