GREATNESS OF ACHIEVEMENTS

Chronicle (Levin), 8 November 1946, Page 2

GREATNESS OF ACHIEVEMENTS

—Press Association

MR. FRASER DEFENDS MR' NASII

By Telearayh-

WELLINGTON, N-ov. /. - Tlie ^linister of Finance, Mr. Nash, had been singled out for a special attack by the Nationaiists and their allies, said the Priine Minister, Hon. P. Fraser, when speaking at the X'ogelOLOra hall tonight. The greatness oi"' Mr. Nash's achievements in the service of New Zealand, was so conclusive, added Mr. Fraser, that the Labour Governnxent 's opponents f ound it unprofitable to attack liis work. Instead there was the vindictive resort to personal abuse. "All that can be said of the personal eampaign against Mr. Nash is that it is petty and discreditable, " said Mr. Fraser. "It is a tribute to Mr. Nash that Labour 's political opponents find it necessary to single him out for special attack. It is a recognition of the faot that the remarkable success of Labour 's administration is in no small measure due to Mr. Nash's ability and his outstanding work as Minister of Finance for the past eleyen years. I have met Ministers of Finance of many countries and I can say with confidence that none has excelled Mr. Nash in qualities oi alertness and understanding of economic problems necessary in a Minister of Finance. Mr. Nash, as one of the principle arcliitects of Laboui;'3 linancial policy, believed that the distress and misery which the people of New Zealand sufl'ered during the depression, were avoidable. He saw that the economic welfare of the commuuity could not be assured so long as coutrol of currency and credit and excluinge was aflVcted by considerations of private interest. Thus the Reserve Bank, Etate Advances Corporation and later the Bank of New Zealand, beeame wholly owned by the State with the single obijective of furthering the welfare of the counuunity. "To Mr. Nash also goes niajor credit for organisiug the guaranteed price system for dairy produce. Never before have the farmers had sucli marketing stability and steady prosperity. "Social security is oue of the Labour Government 's greatest achievemeirts. Mr. Nash was Minister of Social Security in the fonnative stages of the schenie. It was he who was responsible for tlie drafting of the Bill and for its linam-ial basis. ''In 1988 New Zealand was faced with the need for measures to conserve overseas fuuds, partly as a result of the increased purchasing power given to people on Labour 's road out of the depression. At the same time New .Zealand was faced with the prospect of a su.ue.c^sioiijof laijge .loan^ falling d-V,t}4'or: repayment in Great Britain. Negotiations in London which resulted in favourable -arningements were carried on wholly by Mr. Nash with great ability. With Mr. Nash's fmancial genius the Labour Gover.nment has enabled New Zealand to reduce her overseas debt by £48,2(10, ()()() and aunual overseas interest cliarges from £7,15(3,000 to £4,061,000. This remarkable achievement was accomplished despite the greatest fmancial hurdle ever to have faced the Dominion — that of linancing a war of the dimensions we have just been through. Yet- due to the wise guidance of our able Minister of Finance we have emerged from a war costing us £040,000,000 with a war debt of only £221,775,000. However, the whole of this ihdebtedness is domiciled in New Zealand. "During the war also Mr. Nash served his cnuntry with distinctioxi, dignity and honour as the Dominion 's lirst Hinister to Fnited Gtates. The frieu'lship and help we obtained from Uiiited' Btates was to a great degree due to -Mr. Nash 's successful niission there as a stalesmun of the British t'oinmon wealth. Also Mr. Nash's reputalion is of the highest. "For his great distinction in all tliese Jiekls of his eadeavour, the Labour Party is proud of Mr. Nash. In the Ilouse of Kepresentatives his debating ]>rowess is unsurpassed. Electors of llutt had no doubt for piany years about the quality and calibre of the man who has represented thern in Parliament. I aiu conlident tliey will again show their appreciation for him and their coutempt for his calumniators, by returping him to Parliament' on November 27 with a resounding majority."