§ Mr. E. Smithasked the Secretary of State for Dominion Affairs whether he can make a full statement on the consultations and negotiations that have been held between representatives of the Government, Mr. Walter Nash, and the Bank of England; what has been the Government's policy in this matter; and what action has been or will be taken?
§ Mr. Sorensenasked the Secretary of State for Dominion Affairs whether he has any further statement to make respecting financial negotiations between New Zealand and this country?
§ Sir T. InskipThe recent discussions between Mr. Nash and United Kingdom Ministers were concerned partly with New Zealand's financial requirements in this country and partly with the trade position between the two countries.
As regards the former subject, His Majesty's Government in the United Kingdom have agreed in principle that the facilities of the Export Credits Guarantee Department will be made available to assist in the financing of United Kingdom imports into New Zealand. Under this arrangement, credits up to £5,000,000 sterling will be made available on approved conditions for purchases by the New Zealand Government for defence and other purposes. Short-term export credit facilities up to an amount of £4,000,000 will also be made available under suitable conditions to cover exports from the United Kingdom to importers in New Zealand other than the New Zealand Government.
As regards the trade discussions, I would refer to the memorandum embodying the conclusions reached which was presented to Parliament on 20th July as Command Paper 6059.