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³¹ Public Record Office, London [hereafter PRO]: Treasury [hereafter T] 236/1300, ‘Subjects for discussion with Nash’, 22 05 1947.Google Scholar This argument was unlikely to impress New Zealand.

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⁴⁴ ibid., ‘New Zealand balance of payments’, 13 05 1948, p. 8.Google Scholar It appears that, during 1949, New Zealand contemplated the possibility of a dollar loan to cover the dollar deficit and relieve pressure on the dollar pool. See Ti, 61/1/5, ‘Extract from Letter dated 2 09. [1949]Google Scholar from Rt. Hon. W. Nash to Sir Carl Berendson'; and McKinnon, , ‘World of the dollar’, pp. 120–1.Google Scholar

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⁴⁸ During 1950, Treasury did not regard IBRD as an attractive source of finance, pointing out that it lent small sums at high rates of interest: see NZA: T1, 61/1/5, ‘Dollar loan’, 13 Jan. 1950; ‘Notes re borrowing on the London market’, undated 1950; and ‘Notes on the Special Exchange Agreement, Fund and Bank membership, and the raising of dollars’, undated 1950.

⁴⁹ BoE: Governors papers [hereafter G], 3/16, ‘Note of conversation between Cobbold and Rowan’, 18 Jun. 1952; G3/56, Cobbold to Gilbert, 13 Jun. 1952; OV59/4, Snelling, to Stevenson, 22 04. 1952Google Scholar; and Snelling to Morley, 22 Apr. 1952.

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⁵⁴ PRO: Dominions Office [hereafter DO], 35/6489, ‘Confidential annex to proceedings of the Commonwealth Economic Conference’, 12. 1952Google Scholar; and Schenk, , Britain and the Sterling Area, p. 38.Google Scholar In 1955 CDFC invested £3m. in Murupara: see Guest, ‘Murupara’, pp. 73–4.Google Scholar

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⁶² This flotation was later merged into the £20m. 1958 loan operation.

⁶³ BoE: OV59/5, Jenkyns, to Haslam, , 10 10. 1956Google Scholar; ‘New Zealand: London market borrowing’, 17 10. 1956.Google Scholar

⁶⁴ NZA: T1, 61/1/5, Rowan, to Greensmith, 29 10. 1956.Google Scholar

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⁶⁷ NZA: T1, 61/1/5, Scrirngeour, to Greensmith, , 19 09. 1957.Google Scholar

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⁷³ NZA: ABTW 6986, Acc. W4656, vol. 5, RBNZ board minutes, 14 Nov. 1957, 12 Dec. 1957, 19 Feb. 1958 and 21 May 1958.

⁷⁴ This sum included the £10m. issue already authorised for 1957–58, which had been delayed at Britain's request.

⁷⁵ PRO: DO35/6522, ‘Discussion between the Prime Ministers of the UK and New Zealand on 24 01. 1958’Google Scholar; BoE: OV59/5, Jenkyns, to Bailey, , 21 02. 1958Google Scholar; and Hawke, and Wijewardane, , ‘New Zealand and the IMF’, p. 96.Google Scholar

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⁸² Hawke, and Wijewardane, , ‘New Zealand and the IMF’, p. 95Google Scholar, state that Nash turned to New York because he was denied permission to raise all of the required finance in London. But the British were prepared to extend substantial official assistance to New Zealand in 1958. The British authorities were not to blame for the reluctance of private investors to take up New Zealand government issues.

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⁸⁸ Farming and business leaders were keen to join IMF and IBRD. But there remained powerful opponents, such as the Dunedin newspaper, the Otago Daily Times, which made the following declaration on 5 05 1958Google Scholar: ‘New Zealand has just borrowed £20m. in Great Britain for development. By joining IMF we would get more money than could be most advantageously used at the present time. To join in order to obtain a short-term loan would be even more reprehensible. There are necessary adjustments to be made in our economy. Built-in shock absorbers may be required, but not rubber cushions bought with dollars.’

⁸⁹ PRO: T236/649O, MacGillivary, to Symons, , 4 04. 1960, 15 06. 1960.Google Scholar

⁹⁰ International Monetary Fund and World Bank: Implications of New Zealand Membership (Wellington, 1961).Google Scholar

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