ORTHODOX METHOD

Gisborne Herald, Volume LXVI, Issue 19999, 26 July 1939, Page 5

ORTHODOX METHOD

DOMINION FINANCING CABINET COMMENDED CHECK TO LEFT WING PRIVAT E ENTERPRISE (Parliamentary Reporter.) WELLINGTON, this day. “Private enterprise is the only thing that will get the Government out of the present mess,” declared Mr. W. A. Bodkin (Nat., Otago Central) in the House of Representatives during the Address-in-Reply debate. “The Prime Minister, the Rt. Hon. M. J. Savage, has said that he will not go in for orthodox methods. He will kick over the traces. He has done so and is ‘in the cart’ and expects New Zealand to carry the load.” Mr. Bodkin said that the agreement with Britain by the Minister of Finance, the Hon. W. Nash, represented orthodox methods and although finalised by the Minister of Finance was to be attributed to the Prime Minister. What was done did not agree with the policy of the left wing. He though Mr. Savage was to be congratulated on the fact that he had seen reason at last and had corne to a thoroughly satisfactory arrangement. Black-Marked By Australia New Zealand had been black marked by Australia, continued Mr. Bodkin. Australian manufacturers had declared that they would not consider New Zealand orders until the money was placed in Australian currency in Australian banks. The Minister of Industries and Commerce, the Hon. D. G. Sullivan: English firms dissociated themselves from the Australian attitude. They say they would supply us with all we require.

Mr. Bodkin replied that there had been commercial default as far as Australia was concerned and commercial default with Britain had been imminent.

Capital had been withdrawn from New Zealand because the owners were alarmed at the Government’s policy. He mentioned one trust fund of £150,000 that had been in New Zealand for 30 years ancl throughout that period had paid its full share of taxation, that had been tranferred to South Africa.

Large sums of money belonging to shipping, insurance and other companies which had been temporarily domiciled in New Zealand had been withdrawn and invested elsewhere. “The Minister of Finance has been on the penitent seat in England for a month, promising anything at all in order that he may be able to get sufficient money to keep the country safe and on an even keel, so that the threat of commercial default might be overcome,” concluded Mr. Bodkin, who considered that Great Britain had treated the Dominion generously.