MR W. NASH

Waikato Times, Volume 124, Issue 20844, 30 June 1939, Page 8

MR W. NASH

MINISTER IN ENGLAND RECEIVED BY THE KING LONG LIST OF ENGAGEMENTS (United Press Assn.—Elec. Tel. Copyright) (Received June 30. 3.15 p.m.) LONDON. June 29 The New Zealand Minister of Finance, Mr \V. Nash, visited Kidderminster and Birmingham and conferred with manufacturers. He saw Sir Thomas Inskip, Minister of State for the Dominions, to-day. ‘His Majesty will receive him this evening, after which he will he the guest at an International Affairs dinner. Mr Nash will visit the potteries at Stafford on June 30 and afterwards will go to Dublin. ~.f* GRAVE DANGER ! COMMERCIAL DEFAULT POSSIBLE LONDON BALANCES VERY LOW SERIOUS MATTER TO EXPORTERS (United Press Assn.—Elec. Tel. Copyright) (Received June 30, 3.15 p.m.) LONDON, June 29 The city editor of the Daily Mail understands that -New Zealand's balances are now so low that there is grave danger of commercial default within three weeks unless something Is done to prevent it. New Zealand importers having to meet payments for goods from Britain which already have arrived in New Zealand will be forced to pay in New Zealand pounds. This is a serious matter for exporters from Britain, and will mean a further fall in New Zealand currency. Mr Nash will be severely handicapped in his task of converting debt by such a blow to New Zealand credit if it is not possible to evolve a method whereby the regular ltnancing of imports can be continued pending an adjustment of trade. DISAPPOINTED HOPES HELP FOR NEW ZEALAND TROUBLES OF OWN MAKING LORD BALFOUR'S OPINION (United Press Assn.—Elec. Tel. Copyright) (Received June 30, 3.15 p.m.) LONDON, June 29 Lord 'Balfour of Burleigh, presiding at the annual meeting of the National IBank of New Zealand, said hopes of exchange control to repair the inroads on sterling balances have been disappointed, partly owing to substantial imports for secondary industries and partly owing to the fact that capital transfers have been permitted to continue on an unexpected scale, which had added materially to the difficulties of those requiring sterling. The Government should immediately take the responsibility of laying down priorities to ensure that the volume of import licenses is kept within the limit of available sterling. New Zealand's credit cannot be maintained if ordinary trading operations cannot be engaged in with confidence. , Referring to Mr Nash’s task he said: “ Though the moment is not propitious for fresh borrowing, I have no doubt that Mr Nash’s request for a defence loan will be considered sympathetically. There is also an urgent necessity for fresh money to finance imports if a serious dislocation of trade, amounting to commercial default, is to be avoided. I earnestly hope that whatever be the wisdom or folly of the Government’s policy those negotiating with him will remember that sympathy and generosity will do more than rescue the Government from difficulties which are largely of its own making; they will save further losses and unemployment in British lirnis exj porting to New Zealand, and provide the security needs of the British investor.”