DOMINION FINANCES

Bay of Plenty Beacon, Volume 7, Issue 25, 19 November 1943, Page 4

DOMINION FINANCES

Sir,, —According to ;i leading article in the Herald of November Mr Lefcaux is telling the people of New Zealand what a beastly mess we aire in, but if we want to get out of that most serious financial tangle we must not look for advice from the representative of Montague Norman. After telling us that the modern .schools of thought are all wrong, lie 1 accuses us of squandering our reserves of 1938-39-40; well we must take the blame, and w T hilst we are foolish enough to accept party politics—history will repeat itself and national debt will increase. He Lefeaux goes on to say that the prospects of not meeting such debt payments, means that consequently the country will have to consume less of its production to the extent of su-li dfcbt payments— to> quote Montague N6rman " l a little, poverty is good for the people—" (1923) further he. says,, "this law cannot be overcome by tampering with money systems." There would not lie any necessity, but we would not go back to 193-1 (Sir Otto visits New Zealand on behalf of, Montague Norman) he does not tell you that the orthodox system has the dice loaded against you to the extent that production prices are. being controlled by the same financial system which he represents. Mr Lefcaux criticises the present governmental administration,, but he is only paving the way for a change-over from Tweedle Dura to' Tweedle Dec. This happened in 1935, he speaks of further borrowing as a way out of the mud, but this is onlj' a feeler to get the working bullock (New Zealand) well into the yoke of economic .servitude. Mr Lefeaux says we cannot avoid bankruptcy, I say definitely we can avoid it. If there is any country that can carry on and clear itself from debt it is New Zealand, but outside financial control under party political administration must go. It is the rot that is sapping the Kauri and the Oak —a people's Government by the people and for the people will stop that rot. And New Zealand will come into its own. Yours etc., W. BRADSHAW.