MR WALSH ON LOANS
Criticism Of Minister
(N.Z. Press Association) WELLINGTON. May 18. “Unconcerned about living within New Zealand’s income, the Minister of Finance appeared to have the progressive idea that people should be able to buy what they hked and then borrow to pay for it," said the president of the Federation of Labour (Mr F. P. Walsh) today. "The statement by Mr Lake is not what we expect from a responsible Minister of Finance and certainly no reply to my comments. Its apparent meaning is that the Government’s friends can behave as crazily as they wish in regard to overseas trade and the Government will borrow the money to pay for it. In short, the Minister undoubtedly believes in the philosophy ‘Eat, drink and be merry, for tomorrow we may die’.” Mr Walsh said that at the recent annual conference of the F.O.L. he had stated his views on the Government’s intentions of joining the International Monetary Fund. He then said it would have been right and proper to join the I.M.F. to assist in financing the development of backward countries, but “to go to the fund now is to go at the wrong time and for the wrong reasons.”
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Bibliographic details
Press, Volume C, Issue 29517, 19 May 1961, Page 12
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202MR WALSH ON LOANS Press, Volume C, Issue 29517, 19 May 1961, Page 12
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