CONTROL OF PRICES

Wairarapa Times-Age, 16 April 1942, Page 4

CONTROL OF PRICES

NEW COMMONWEALTH REGULATIONS VERY WIDE POWERS TAKEN. WAR DECLARED ON BLACK MARKETS. (Bv Telegraph—Press Association —Copyright) CANBERRA, This Day. Regulations giving the Prices Commission blanket power to fix maximum prices for all goods and services, except those specifically exempted, have been gazetted. The object of the new regulations ’is not only to widen and tighten up price control, but also to enable the Commission to prevent black markets developing. The Prices Commission will follow the Government's action by gazetting an ordei- determining maximum prices for all goods and services except those exempted. The goods exempted are those controlled by the Commonwealth or States, or an authority appointed by a State, livestock,, poultry and perishable primary products not already subject to price control. Services exempted are those supplied by the Commonwealth, a State or any local governing body, such as a municipality, life insurance policies written by any company, society or other body, and general banking business. Although life insurance will not be subject to price control, all other forms of insurance will be. The Government already possesses wide powers enabling it to fix prices for general banking services.

The Minister of Customs (Mr Keane) said the new regulations have been rendered necessary by an increasing shortage of goods and manpower and the development of black markets. “I have been particularly concerned about the possibilities oij the development of black markets,” he said, “and if necessary the Prices Regulations will be amended to deal effectively with that problem. The Government has no desire to interfere with' normal trading practices that fall within the scope of the Prices Regulations, but it will ruthlessly stamp out mean and ignoble practices associated with the emergence of a black market.”