THE FINANCIAL SYSTEM

Press, Volume LXIX, Issue 21051, 30 December 1933, Page 8

THE FINANCIAL SYSTEM

■ ■ LONDON BUSINESS MEN DISSATISFIED MR .1. A. C. ALLUM RETURNS (TXJEftS ASSOCIATION TILIORAIt.) AUCKLAND, December 29. The chairman of the Auckland Transport Board (Mr J. A. C. Allum), who went to London on business relating to the board's commitments, re- ' turned to-day. j j Mr Allum said that he found busi- ' ness men, as represented by the London Chamber of Commerce, thoroughly dissatisfied with (he existing financial , system, and tliey were making strenu- , ous efforts to bring about such a j change as would enable industry to function normally. In the past, the activities of financiers had not been o£ very great concern, owing to the tremendous amount of development taking place, but now there was an obvious desire to impress upon those controlling finance that while they were still an important part of the machine they were not the whole machine. Mr Allum said that meeting representative. men he found no serious criticism'of New Zealand's raising of ( the exchange rate, and, as far as he could judge, statements made concerning it were purely propaganda by interested parties. The question of export quotas was not in the remotest degree associated with the New Zealand Government's tariff or exchange policy. It appeared that the English authorities were resolved to re-estab-lish their farmers. That involved a j considerable amount of conti'ol of the farming industry generally, and obvi--1 ously that control was being extended | to imports from overseas. | "To-day there is no room for the I interested party which issues apparj ently important statements, merely as j propaganda," said Mr Allum. "The j only thing that matters is the welfare lof the people as a whole. As far as | I can see, the motto of people of re- ! sponsibility at the present time is ; 'Welfare, not wealth.' "