NEW ZEALAND: Daniel in the Den

Occupying a suite of rooms at London's swank Savoy Hotel for the past two months has been short, square-faced, blue-eyed Walter Nash. Once a bookseller in the English Midlands, he migrated to New Zealand 30 years ago. Last week he was back in the country of his birth representing his adopted country in a complicated and—for New Zealand—crucial financial deal.

Like many another minister who comes to London these days, Mr. Nash wanted to borrow money. New Zealand's Minister of Finance, Mr. Nash is also the author and executor of a comprehensive economic plan designed to turn agricultural New Zealand into...

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