"COURAGEOUS AND WISE"

Hawke's Bay Herald-Tribune, Issue 172, 7 August 1937, Page 8

"COURAGEOUS AND WISE"

— Preas A«sociation.)

Utilisation of Credit by N.Z. Government LABOUR PREMIER'S VIEW

By Telegraph

AUCKLAND, Last Night. Praise for the New Zealand Governlent's utilisation of credit was given y Hon. A. G. Ogilvie, Premier of asmania, who arrived at Auckland by .ko Monterey from Los Angeles, after -•cpresenting his State at the Imperial Jonference iu London. Ha also exxressed eomplete confidence in New iealand-'s attractiveness on the English .noney market and said the colour of i;he Government's political coat carried 10 weight at all' with investors. '"The utilisation of credit in New fiealand appeals to me as ibeing most courageous and wise, if I may say so, and similar steps should he taken in Australia. In fact they will have to 'oe taken because Australia must develop its defences. It must have such things as •submarines and aeroplanes and a Commonwealth utilisation of credit policy would enable these things to he purehased," said Mr. Ogilvie. Durmg his visit to Great Britain he had found that a very favourable attitude existed to New Zealand and Australian financial positioifs and extremcly eongratulatory things were said about them. Appreciation had been expressed quite generally of the manner in which j New Zealand and Australia had taken hold of the depression. Politics did not | enter into tho minds of investors. The only thing they were concerned about was pounds, shillings and pence, and they would put their money where they could' get' the greatest rate of interest. They were not frightened of Labour Governments and, indeed, in England itself the distinction between the present Conservative Government and the possible Labour Government struck him as being the difference between Tweedledum and Tweedledee. He thought that if the Labour Government of the past had found £10,000,000 for slum clear- ■ ance there would have at once been a general cry of Socialism and Corqmunism, and yet Mr. Chamberlain 's Government had been able quite easily to cffeet something which had the flavour of a Labour Government rather than of a Conservative one. - %