INTEREST PAYMENTS.

Waikato Times, Volume 114, Issue 19051, 15 September 1933, Page 8

INTEREST PAYMENTS.

OVERSEAS LOANS. EXPLICIT STATEMENT WANTED. < i AUCKLAND, Friday. “Granting that the legal position may lie clear that the only obligation is ‘to pay in New Zealand currency, we consider, in the interests of tho Government and of those local authorities who may in the future have to go to the London market for further finance, that ' every effort should be made to avoid doing anything that will affect our credit on that market,” stated the report of a committee of the Auckland Chamber of Commerce on the subject of payment of overseas loans.

“If the Government feels that this is of paramount importance, then we consider legislation should be brought down validating* the action of local authorities paying their interest in English currency even though not legally bound so to do. Furthermore, the Government itself should assume the liability for any such extra payments that may he necessary.

“We consider this matter is so important that local authorities dealing with financial interests at Homo should he asked by the Government to make any representations they have through the Government. Failing this, it’ any such representations are made direct the Government should see that, an explicit statement is cabled Home stating definitely tiie Government’s altitude in the matter and whether or not, it supports the com tent ions put forward by llie local body concerned.”