Social Credit role in Solomons trade deal

Press, 12 April 1979, Page 19

Social Credit role in Solomons trade deal

PA Wellington A new trade deal to import hardwood from the Solomon Islands without using any overseas funds has been announced by the leader of the Social Credit Political League (Mr B. C. Beetham). Payments for the timber will be made into special accounts in New Zealand, and exporting firms in the Solomons will draw on the funds to pay for New Zealand goods and services. Mr Beetham said that Solomon Islanders had expressed interest in New Zealand timber-milling equipment, beer, onions, fresh meat, and processed foods. He said that the timber deal had been organised mainly by Social Credit members — on a privateenterprise basis. “A group of enterprising private entrepreneurs in the Social Credit movement had a lot to do with it,” Mr Beetham said. Mr M. Kenny, the vicepresident of the Manawatu Social Credit branch, who has worked in the Solomons, is co-ordinating orders for the timber. The first sample shipment of 28,000 super feet will arrive at Auckland soon, a second shipment is due about May 14, and more will follow about monthly intervals. Mr Beetham said that no borrowing, no interest payments, and no “middlemen” were connected with

the deal. Similar arrangements could be made with countries such as Fiji and Indonesia. “A substantial portion of our trade could be moved into reciprocal arrangements, by passing hard currency and reducing our dependence on it,” he said. The hardwood bought from the Solomons would replace imports from the United States. Mr Beetham said that the Social Credit League had no financial connection with the trade deal, but it had taken the initiative, and Social Credit members had participated in the negotiations. He said that the former Chief Minister of the Solomon Islands, Mr Solomon Mamaloni, who addressed the Social Credit Dominion Council in Wellington last year, had made an urgent plea for bilateral trade with New Zealand. “It is believed that the present annual trade of SIM between the Solomon Islands and New Zealand can be increased many times over within the next two years,” Mr Beetham said. Trade with the Solomons would increase employment in New Zealand because timber-pro-cessing plants which might have closed because of reduced supplies of native timber would be able to continue and expand, and those associated with goods and services

wanted by the Islanders would have increased employment opportunities.

“Social Credit would fully apply the financial policy which is partly applied to the Solomons arrangements, and extend bilateral trade to other willing nations until New Zealand achieves full employment,” Mr Beetham said. “In effect, we would reverse the financial conditions imposed on New Zealand by the money masters of the International Monetary Fund, which are steadily pushing New Zealand down the economic drain.”