ECONOMIC POLICY

Wairarapa Times-Age, 16 June 1939, Page 7

ECONOMIC POLICY

SUGGESTIONS BY CHAMBER OF COMMERCE. MEETING THE DEPLETION OF LONDON FUNDS. (By Telegraph—Press Association.) AUCKLAND, June 15. A comprehensive list of suggestions for dealing with (he depletion of thDominion’s London funds was approved by the Chamber of Commerc Council. The raising of an external loan 1> ease the pressure of the imminent mat urity of a London loan for defence pur poses and to assist in servicing essen tial imports was the first suggestion. ? corollary was the removal of limits 01 investment rates. A further statement that it was es sential that conditions of Public Workemployment should be less attractivi than employment in farming am other productive pursuits was made :: a paragraph dealing with the stimulation of exports, which, it was consider ed. had been checked by rising costs and a heavy Public Works programmi Instead of the present and onerous system of import control the Government could determine th< amount of sterling funds available fot imports, and. if this’ should entail re duction, then separate reduction percentages, applying to goods of differen' countries might be announced and ap plied by each firm to its own imports the report stated. This could be based on the total imports of the firm during the previous standard period of at lea c a year. It was considered that it would give import houses a certain amount of elasticity as between different com modifies and their countries of origin. It was thought not advisable tha the position caused by the temporary shortage of London funds should be used as a basis for the protection of local industry, since the Ottawa Agreement was still in force. This protection could, if it were thought necessary be implemented by means of Custom : tariff.

Facilities for the pre-planning e f business would include the extension of terms of awards and increased flexibility of hours and conditions in industrial employment.