IMPORT RESTRICTIONS.

Auckland Star, Volume LXX, Issue 128, 2 June 1939, Page 11

IMPORT RESTRICTIONS.

METHOD OF CONTROL.

TALK TO WOMEN

An addresa on the methods of control of imports in the Dominion was given to the members of ih ( > Women'* Luncheon Club yesterday by Mr. Gaiuor Jackson. The meeting was held in the Milne and Choyee reception hall and the president of the club, Miss Freda Brookes, presided.

In opening his subject Mr. Gainor Jackson discussed the legal rights of the Government to impose such control. "It is the preemptive right of every Uritish subject," saiil Mr. Jackson, "to continue in trade, so much so that the law regards anything in the nature of restraint of trade as an illegal act. Every I'riti. h subject has the right to earn his living subject only to regulations and restriction*) which have been pa«>ed by Parliament. The present import regulations have not had the sanction or approval of Parliament. The Court ha« declared them invalid and in spite of this the Government is continuing the operation of an illegal act."

The speaker stated that the drop in sterling funds in London was due to three causes, one of which was the fear of war in Europe, which had caused over £3(Kl.noo,mn) sterling to be transferred to New York and in which migration New Zealand's funds had shared. The fall in New Zealand's exports, which had far exceeded the riso in imports prior to the. regulations, was another contributing factor to the depletion of funds in London. As a result of the import regulations, the Government bad shut out capital normally flowing into the country for investment, and as the desired increase of industries could not be developed without this capital, one policy was in direct contradiction to the other.

In quarantining investment capittil within New Zealand the Government had also effectually chut out investment capital from coining into the Dominion, continued Mr. Jackson. With a new and undeveloped country such as Now Zealand, normally the inflow of investment capital was greater th;m the outflow, and that was one of the reasons why, in spite of the restrictions and prohibitions mi imports, the sterling funds had not improved. In addition interest and dividend* ariTiiinjr on New Zealand investment" abroad were ln-inji sold in the outside market and were not being trmistVnvd to the Imnks. People with money to invest naturally invested in tho best market, and Now Zealand no longer offered a remunerative field for in\e.»tnient. Int.ic-t ra»e«, for instance, were fixed at 100 low a level.