CREDITS AND PRODUCTION

Bay of Plenty Beacon, Volume 7, Issue 41, 18 January 1944, Page 4

CREDITS AND PRODUCTION

reside in London but is transferred through the city of London on Lease. Lend to America. A quotation from Wellington shows' 1 where w are heading! A city merchant on war production sent home 1 for machinery to speed up his plant having received his invoice stating price £4000 ex-London and whilst waiting delivery received further advise from an American firm that the order had been transferred and that they were forwarding same, but under Lease Lend, the price had liscn to £26,,000. Farther evidence, Auckland Power Board pays £250 for conductors to U.S.A. (Lease Lend} whilst the same could have been got from England, direct for £150 present day prices. These transactions through Lease Lend being passed through war expenses account show an apparent loss that is subject to what adjustment may or may not be made in the. final settlement. According to recent accounts there are signs that American manufacturers are now turning over to post-Avar production; and Wall Street is moving to control international credit, and what, are we New Zcalanders going to do about it ? Yours etc., W. BHADSJIAW,

Sir,—Your article "Post War New Zealand" an address by Mr A. F. TV Chorlton to the Crcditman's Cliib . (Auckland) throws a new light on the city side of industry. The Manufacturers Association of New Zealand have held the. box seat for many years, their import credits being insured by the exports of. the primary producer. To-day we are in changing times for better or worse., A>ut the city manufacturer must ;i)vakc to the fact that under the present regime no industry is economically safe, except munition and that is our present form of. economic policy is Against the interests of ther State (e.g. the people). They wilt have to fight for the sovereignty of the country they live, in, or go under. The sovereignty of this country be-; . ing vital to the health of our industry or capitulation to Wall Street I would suggest, to Mr Chorlton that this country will on account, probably of isolation have to live within.) itself for some timei after the war; 1/ would 1 also point out that ju*% prior to the w r ar, when British com-, incrcial interests were, telling us that they did not want our goodsj, we the primary producers had practically an assured market to exploit" in the East. They (the commercial interests) had more money invested in the Argentine than in New Zea-. land, therefore there was <2jily tha, choice of domination by Wall Street, or the upholding of our economic freedom by isolation. Mr Chorlton speaks of optimism on production; for the war; if he was at all. observe ant he would, feel far from, optimist tic. He. says presumably the. impoverished. States of. Europe would create war debts with New Zealand as; a creditor." This is a point that wants emphasising that if we d<» not assert ourselves it will be Wall Street that will be the creditor over our exports, and the New Zealand people will be the debtors on a deflated currency. The case in point is that most of our change does not