BUDGET DEBATE

Wairarapa Times-Age, 18 June 1943, Page 4

BUDGET DEBATE

CONTINUED IN THE HOUSE TODAY NEED OF ACTION AGAINST INFLATION. FARMING INDUSTRY AND NEW SETTLEMENT. (Bv Telegraph—Press Association.) WELLINGTON, This Day. “The time has come when every door leading to inflation should be closed, barred and locked, and the position might even require the introduction of a further part of the stabilisation nolicy,” said Mr Petrie, continuing the Budget debate. From an examination of the assets of banking institutions, he said, it was disclosed that money at the command of the people for investment today exceeded £200,000,000, and with this huge sum available there was need for a steadying influence, so that boom conditions might be avoided. He did not think the Government would have any difficulty in raising fully the amount of the Liberty War Loan. Mr Roy said that although it might be claimed that farmers’ banking accounts were larger today than before, the farms were going back because of a shortage of labour and materials. He suggested the creation of a pool fund by the Government for the rehabilitation of farms after the war. He did not think it right that income which should be going back into the land should disappear in taxation. Mr Roy also drew attention to the cost of putting settlers on the land, contending that large blocks could not be settled without loss. It would be better, he said, to cut that loss at the start, and the Government should bear the burden. ,

Mr Barrell stressed the importance of the development of secondary industries in New Zealand, and said he was keen that the good work that had already been done in that direction should be continued.