STERLING BALANCES
MR LANGSTONE’S VIEWS (P.A.) WELLINGTON, July 15. While New Zealand’s prosperity today was beyond doubt, he was concerned about sterling balances, but from a viewpoint different from that of many members, said Mr F. Langstene (Government, Roskill) in the House of Representatives to-day. It was of no advantage to export goods if New Zealand did not receive equivalent goods in return. If New Zealand had a large balance of exports it left unsatisfied purchasing power within New Zealand, and the only way to deal with that was to draw off the balance by taxation. It was “moonshine’’ to say the country became wealthy merely by exporting a large surplus of its produce. Trade should be mutual ana should be for the benefit of exporters as well as importers. New Zealand could insulate herself in the event of a fall in prices for her products as long as there was a corresponding fall in the prices of the goods it received in return. In those circumstances it would be possible to buy the same amount of goods in value and volume.
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Press, Volume LXXXIV, Issue 25548, 16 July 1948, Page 6
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182STERLING BALANCES Press, Volume LXXXIV, Issue 25548, 16 July 1948, Page 6
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