"MAN-MADE" SLUMP.

Auckland Star, Volume LXX, Issue 165, 15 July 1939, Page 12

" MAN-MADE" SLUMP.

ATTACK ON GOVERNMENT. ALL RESERVES USED UP. (By T&iegraph — Parliamentary Reporter.) WELLINGTON, this day. Attacking the Government's financial policy in the House of Hepreaentatives yeetertlny, Mr. D. C. Kidd (National, Wnitaki), said much was heard some

time ago from Government supporters about the laet depression being "manmade." "We can tell the country to-day that there is a 'man-made , depression here now, and we can name the men responsible," he said. If members of the Government were correct in their contention that there was nothing wrong with New Zealand he wanted to know why tradesmen coming from Australia were unable to remit sums of money to ■their wivee and families who had remained on the other side of the Taeman. Mr. A. S. Richards (Government, Roskill): That statement was corrected the following day. Mr. Kidd reminded the Home that the Coalition Government lind lieen responsible forithe reduction of interest rates prior to the lft.l'i elections, and the Labour Government bud put them up desnitn the promise made to the electors thnt interest rntes would be kept down. Tt was nlso elnimed by the Government thnt it would not lwrrow in T-ondon, but thnt wns another promise thnt had not l>een kept. Coining in on a wave of prosperity, the Government had used all the reserves of the responsible Department* of State <built up by sound administration, and finding that money had run out, led turned ajain to orthodox finance methods by sending Mr. Nash to 1 negotiate a loan in London, he added. '