THE MORATORIUM PROPOSAL.

Press, Volume LXVI, Issue 20104, 6 December 1930, Page 17

THE MORATORIUM PROPOSAL.

VIEW OF MR FORBES. STATE ACTION UNNECESSARY. (UNITED PRESS ASSOCIATION —BY ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, December 4. The Rt. Hon. G. W. Forbes has arrived in London from Ireland. Interviewed regarding tho dairy interests' suggestion for a moratorium, he stated that he recognised fully the serious position oi the dairy-farmers, as well as the wool-growers. The low prices of their products were bound to cause much haidship, but he was confident that mortgagees and financial institutions would recognise that it was in their own interests, as well as the country's, to help the producer to meet the position, with the result that no Government action would be necessary. New Zealand was passing through a crisis which could onlv be overcome by the financial institutions, tho farmers, and the whole country working together. If this were done he was confident that New Zealand would weather the present difficult position. Commodity prices were now at their lowest a lid the next movement must be upwards. Commenting on the Dairy Council's request for a new appeal to Great Britain to tax foreign food and give preferences in response to lower New Zealand Customs duties, he said he had alreiulv fully r>re c entr>d the preference case at the Imperial Conference, and the British Government had given a definite and final answer against the taxation of foreign food. No good purpose would be served bv an attempt to reopen the subject before the conference met at Ottawa next year. Mr and Mrs Forbes and Sir Thomas and Lady Sidey will join the party, which is going to France on December 6th.