DOLLAR LOAN PLAN

Ashburton Guardian, Volume 69, Issue 267, 24 August 1949, Page 2

DOLLAR LOAN PLAN

Mr Nordmeyer’s Views DEVELOPMENT OF RESOURCES (P.A.)i WELLINGTON, August 23. “The plain fact is that the resources of this country can he developed only with plant and machinery obtainable .-only from dollar areas,” said the Minister of Industries and Commerce (the Hon. A. H. Nordmeyer), speaking in the Budget debate in the House of Representatives this evening. “Therefore, Avhatever our prejudices may be, Avhatever our earlier public statements, if it can be shOAvn to be in the interest of this country’s future development —. primary and secondary—that a dollar loan is desirable, then it is right and proper to resort to it. “NeAv Zealand, in asking for a dollar loan, does not come as a mendicant seeking charity but as a country of vast potentialities seeking a loan to build up primary and secondary industries. “It is an ordinary, prudent business action that Avhen additional plant for future development cannot be bought out of current income a loan should be obtained. The time has arrived to take that step in the interests .of this country. “This loan Avill be for capital deA r elopment. It Avould be a crime for any Gqvernment. to borrow dollars to fritter aAvay on consumer goods, and the loan avill be used solely to acquire plant and machinery that will increase production. “If this loan builds up our resources, helps farmers to increase the Avorld food supply, and helps manufacturers to increase output, if Ave get materials so urgently needed for development it Avill be money Avellspent.”