MR NORDMEYER ON I.M.F. MEMBERSHIP

Press, Volume C, Issue 29535, 9 June 1961, Page 14

MR NORDMEYER ON I.M.F. MEMBERSHIP

The disadvantages of New Zealand’s joining the International Monetary Fund were not fully appreciated. and the advantages of membership had been frequently exaggerated, said Mr A. H. Nordmeyer, member of Parliament for Island Bay, last evening. He was speaking at Kaiapoi in support of the Labour candidate in the Hurunui by-election (Mr A. A. Adcock I. About 36 persons listened attentively and applauded frequently as Mr Nordmeyer outlined the Labour Party’s attitude to Government policy. “If would be a rash person who says there are no advantgaes to be gained from joining the fund, but some persons seem to think we could borrow an unlimited amount at a time of crisis at a small rate of interest, and borrow from the World Bank as well. Let me make it clear that the World Bank lends onlv at current rates of interest and . for specific government projects with which it is satisfied. It is not generally known that the bank can and does interfere in the domestic affairs of the countries to which it lends,” Mr Nordmeyer said. If a country wanted to take advantage of the World Bank, to some extent it had to limit its own sovereignty to the bank. “The National Government should have disclosed to the people of New Zealand that it intends to join the fund. This was a question on which the party was quiet at the last election, and you will

have the opportunity to express your views against joining the fund on Saturday. Whatever advantages there may be- to our joining, they are outweighed by the disadvantages.” Mr Nordmeyer warned the meeting that the Social Credit Political League was also opposed to New Zealand joining the fund—"but a vote for Social Credit is a vote wasted.” Election Majority There were many persons who voted for the National Party at the last election who were sorry they had done so. “Even the Prime Minister has acknowledged that it was a freak win. If 200 persons who voted for National in seven electorates had voted for Labour, then Labour would still be the Government." It was not well known, Mr Nordmeyer said, that in the 1960 election 47.48 per cent, of the electors had supported the National Party which gave it 46 seats. In 1958, 48.31 per cent, had supported the Labour Party and it had gained 41 seats. “If anyone thinks National scored a resounding win in the ■ last election, he only needs to contemplate those figures.” The National Party had worked itself into a frenzy on the Nelson railway, and objected strongly to the £l2m it would cost. “But no sooner had it become the Government than it made arrangements for the Cook Strait power cable, which will cost £22m, and will not generate one unit of electricity. "I want to ask: Why this unseemly haste and urgency to make a decision on the cable? The decision has now been made and the order placed—it is now fait accompli. The Labour Party has said al] along that power sources in the North Island should be thoroughly investigated. and only after that has been done is there any justification for the transfer of power from one island to another,” Mr Nordmeyer said. Compulsory Unionism The National Government contended that it had a mandate from the people to abolish compulsory unionism. In 1936. the Labour Government had brought in the amendment to the Industrial Conciliation and Arbitration Art to put through Parliament what had for long been common practice. “In many cases there was urgent need for the workers’ conditions to be improved. For a Jong period compulsory unionism operated, and m 1949. the National Party undertook abolish he following year a bin was introduced to Parliament, but it wu found XSSf.. & “» «“ , Government apparentto stir up industurmoil by again attempting to abolish compulu"'oni?m - Workers who remembered the good that their unions had done would wan J to work beside h^ e not mem - oers, Mr Nordmeyer said.