§ 14. Mr. Shinwellasked the Under-Secretary of State for Commonwealth Relations whether the present financial difficulties of the New Zealand Government have been brought to the attention of Her Majesty's Government; and what help has been offered to the New Zealand Government by the United Kingdom.
Commander NobleYes, Sir. We were glad to agree to New Zealand raising a loan of £20 million on the London market last April.
§ Mr. ShinwellBut is the right hon. and gallant Gentleman aware that this loan, floated on the London market, was hardly a success? Is not it essential that some further help should be afforded to New Zealand in its present financial difficulties? May I ask, further, whether the financial difficulties which beset New Zealand at the present time will be reviewed by the Commonwealth Economic Conference?
Commander NobleI expect the right hon. Gentleman knows that the recent 390 loan was the largest raised by any Commonwealth country since the war on the London market. We have had no further request but we would, of course, consider one if it were made. Whether this is to be discussed at Montreal is a matter for New Zealand.
§ Mr. ShinwellIs not it time that we gave some consideration to the financial position and difficulties of some of the older Commonwealth countries as well as seeking to afford assistance to what are called the uncommitted countries?
Commander NobleHer Majesty's Government are in constant touch with all Governments of the Commonwealth and these matters can be raised on any occasion.
§ Mr. F. M. BennettAs the loan on the London market has been mentioned and its success queried, may I ask if it is not a fact that, although it was not very acceptable to the public at that time, it was all taken up by the underwriters and the New Zealand Government got its money?