Overseas Trade In Balance
Sir.—While the average depreciation of New Zealand’s currency, through inflation, is estimated at 5.2 per cent., the loan renewal at 4j per cent, is still a good bargain for the Government. This means that at the end of each year the Government is getting a rake-off of .7 per cent, on each £lOO borrowed —good business from the Government’s and the people’s point of view. War expenditure should be reduced; it is the fnajor fly in the ointment at present. If New Zealand spends £24.000.000 on defence or offence, this means that £24.000.000 goes to jjay for the armed services wages and equipment. At the same time, productive power to this calculated value is also lost to our economic system. While overfull employment obtains it will be absolutely necessary to keep a curb on bank overdrafts.—Yours; etc.. RALPH S. WHEELER. Timaru, April 25. 1957.
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Press, Volume XCV, Issue 28262, 27 April 1957, Page 3
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148Overseas Trade In Balance Press, Volume XCV, Issue 28262, 27 April 1957, Page 3
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