THE DOLLAR CRISIS

Bay of Plenty Beacon, Volume 11, Issue 87, 3 October 1947, Page 4

THE DOLLAR CRISIS

THE effects of the British dollar crisis are not confined to Britain alone. During last year New Zealand sold the United States goods to the value of On the other hand, we imported American goods to the value of £11,700,000. The difference of £2,000,000 had to be found in dollars from Brimeagre resources. Now that these resources are running out, New Zealand must make stronger efforts .than ever to cut down dollar expenditure, not only to help Britain although that is the most urgent need—but for our own sake because our prosperity is dependent on the economic well-being of Britain. To help Britain, there are a number of practical things that can be done in New Zealand. By producing more foodstuffs and consuming less, more can be sent to Britain and so lessen her dependence on the American countries for food. We can also cut down our imports from the American continent. We buy such things as tobacco, farm machinery, motor vehicles, oil and petrol, newsprint and films from the United States or Canada. Whatever we do is likely to mean inconvenience or hardship. It has to be remembered, too, that some American goods, as, for example, farm tractors, help us to produce food for Britain. But the important thing is that we mu.st.be prepared to accept some hardships, for this is not only Britain s crisis, but also New Zealand’s.