BRITAIN’S INTEREST.

Taranaki Central Press, Volume IV, Issue 410, 17 April 1937, Page 4

BRITAIN’S INTEREST.

LEGISLATION IN DOMINION London Economist’s Views. Press Association —Copyright. Auckland, April 16. The keen interest taksli in England (n experimental legislation in New Zealand was. the subject of comment by Professor N. Hall, head of the department of political economy at the University ot London (University College), who passed through Auckland to-day on the Monterey on his way to Australia. Professor Hall has been engaged by the Bank ot New South Wales to take charge of its economics and intelligence department for four months in the absence on leave ot Professor Hutton. "The Minister of Finance, Hon. W. has been very active in England and it very popular there,” Professor Hall said. "I do not know whether he has made much progress with his practical proposals, but he has gone down very well.” There was a general disposition in England to wait and see about the New Zealand policy usder the Labour'Government, he continued. The present Government had been vury lucky and had inherited a lot of London funds which acted as a cushion. If world prices kept up the Government would have favourable conditions under which to continue Its experiment. There: had been no test to far. Shorter Working Week. | Discussing the general introduction lot the shorter Working week and the | general increase in wages. Professor Hall said that if in the shorter hours people worked a good deal harder and costs did not rise proportionately the country might be able to manage tho change, but the condition he had mentioned was an one. “There is terrific interest in New Zealand and affoc ion for the country,” he continued. "With regard to vages and hours we do not know. You can carry higher wages aud ahortec hours if you b.come more efficient at the time lime. If, however, it is simply a matter of restoring cuts, then the time is ripe provided that you can get the prices for your tKpoiis. But.er is not bad and it has be lii a great season for wool. If world prices were to slump I think things would be very hard here, because you are so dependent on a couple ot products.” Professor Hall said he had also dii) justed thu guaranteed price for butter-fat. Guaranteed prices .’ay in keeping the producers’ loyalty when prices were high. Human nature being what it is, it needed great loyalty to .he scheme to prevent it from being wrecked. It was, in fact. Very dihieult to carry a guaranteed price scheme through a period of rising prices. The scheme must collapse if the producers did not adhero to It in a high-price period. Conimen Ing on New Zealand's exchange policy, professor Hall said it would be very dangerous to push the exchange rate back to parity now.