By 1939 New Zealand had recovered from the economic depression. Domestic demand and investment picked up, but prices for New Zealand produce had fallen in 1938. The result was a severe exchange crisis. Walter Nash as minister of finance introduced import and exchange controls. The British were furious at this restriction on their trade. Soon after, Nash left for Britain, primarily to refinance loans. The cartoon suggests the extent of the problems Nash faced, and his notorious habit of reading and keeping large quantities of paper documents.