REPUDIATION.

Auckland Star, Volume LXVII, Issue 247, 17 October 1936, Page 26

REPUDIATION.

STOCK EXCHANGES. INDUSTRIAL EFFICIENCY. CAPITAL INVESTMENT. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, Friday. I Speaking on tlic Industrial Efficiency Bill in the House of Representatives today, the Minister of Industries and Commerce, Mr. Sullivan, said that lie had in his possession an authoritative statement by the Stock Exchange Association of New Zealand repudiating the suggestion that the legislation of the Government was having a detrimental effect on the investment of capital. To suggest that money was leaving the Dominion was detrimental to the interests of the country. The effect of the letter he had from the Stock Exchange Association was to repudiate definitely that suggestion, and members ought to welcome that statement and be immensely pleased that the position was not as they thought it was. So far as the administration of the bill was concerned, it was going to be in line with the Government's general policy. Its first duty was to its own people, and then to Great Britain, which was the Dominion's best customer. He hoped that no more would be heard of the suggestion that British manufacturers were to be discriminated against, and that drastic tilings would be done to their interests. The Minister said he was surprised at Sir Alfred Ransom's attack 011 the •manufacturers.

Not Attacking. Sir Alfred Ransom: I'm not attacking tliem. I just said it shows their common sense in looking after their own interests. The Minister said that if any body of men adopted that view he would regard it as a form of selfishness and egotism that was entirely discreditable to them. He did not think the manufacturers had anything of the sort in mind. The necessity of putting the secondary industries on a sound and propr basis had apparently also been recognised by members of the last Government. A second Supplementary Order Paper containing a group of new clauses for part 2 of the bill dealing with industrial plans would be brought down. The amendments would provide for the elimination of the industrial committees- and people would be placed on the bureau to orginate the plans and before thi Minister ratified a pla'i a vote of the industry would be taken. Mr. S. G. Holland (National, Christchurch North): Does an adverse vote mean no plan? The' Minister replied that an adverse vote would mean 110 plan, but he thought that circumstances would arise where in the face of an adverse vote a plan ought to be adopted. As a result of the amendment, however, what would have to be done in such a case was that special legislation would require to be passed dealing with that industry. The normal procedure was that where a plan had been formulated for an industry it would be submitted to that industry to vote upon. Bill Faulty. Mr. C. A. Wilkinson (National, Egmont) said the bill was faulty where industries other than those willing to come into the scheme were forced into it. The Minister pointed out thai other industries he had in mind were such as coal, flax, kauri gum and fish.

Mr. Wilkinson asked why the industries were not defined so that tiioy would know what they were dealing with under the bill. Simply ft blanket power had been given to the Minister. That was where the eritieism wns coining from. If it was left to Industries to come in voluntarily nmeh of the eritieism would disappear. He thought the Minister and the Government were acting unwisely in forcing a measure of that sort through the House with so little notice. The Minister said that if the House would pass the short title the Prime Minister would be quite happy to adjourn and give the members an opportunity of studying the amendments. Mr. Holland said it was difficult to discuss the bill when almost half of it had been taken out and was to be replaced by new clauses. Fearful of Results. The Hon. A. Hamilton (National, Wallace) said that the Opposition was fearful of the results of the bill, and if the Minister desired to do something for the manufacturers it was totally wrong that at one fell swoopMie should bring everyone under the bill. The Minister of Internal Affairs (Mr. Parry) said that some flexibility was required in the administration of the law. The Government had not yet started to organise the country as it should be organised. "We talk about filling this country with population, but I hope we will not put people into the empty spaces until we know what they are going to do," he added. Notwithstanding the fact that Great Britain was a good customer of the Dominion, he said, New Zealand, in ratio to population, was a very good customer of Britain. New Zealand, in proportion to population, took from Britain four times more than Canada and twice as much as Australia.