LOANS & TRADE

Wairarapa Times-Age, 12 August 1939, Page 7

LOANS & TRADE

FACTOR OF EXPORT PRICES. VIEWS OF MR J. A. LEE. (By Telegraph—Press Association.) WELLINGTON, This Day. Speaking in the House of Representatives yesterday in the debate on debt obligations, Mr J. A. Lee (Government, Grey Lynn) said there was no justification at all for the Opposition amendment. He said he was pleased to stand for New Zealand while the Opposition stood for the foreign bondholder. “When I looked at the loan terms that were forced upon New Zealand, that harsh and onerous settlement, I said nobody could have done better.” said Mr Lee. "Like many other members of this House, I am a New Zealander, and I served overseas, but when I read those terms I. too, felt ashamed. New Zealand gave in the war more lives than a country called Belgium, but we have been badly treated.” If prices were to fall catastrophically as they did in 1932, said Mr Lee, because overseas people were manipulating finance against New Zealand, he would not hesitate to repudiate to save human flesh and blood. The Acting-Prime Minister. Mr Fraser: “That could never arise." If prices fell to a fraction of what they were today, said Mr Lee, not a member of the House who cared to look at the truth would say that it would be possible to pay. Mr .lull (Opposition. Waipawa): "That is not repudiation.” “The member for Waipawa is on the way.” said Mr Lee. "I would not hesitate in those circumstances to interfere with instruments that were unconscionable. Why not tell the truth about it? If I have to be a liar in this House. I would sooner be outside the House and tell the truth. I don't care if prices fall so low that all that remains from exports is enough to pay the overseas debt. I am going to fight for the people of New Zealand who do the useful work and not for the foreign bondholder.” Mr Lee then quoted passages from his speech, and said that though there were many forms of repudiation, given intelligence, there should be no need for any form of it.