Import Control Needed To Maintain Employmen

Press, Volume C, Issue 29609, 4 September 1961, Page 9

Import Control Needed To Maintain Employmen

(New Zealand Press Association)

WELLINGTON, Sept 3. Fairly rigid import controls would have to be maintained if New Zealand were to maintain full employment and a high standard of living, the former Minister of Finance (Mr Nordmeyer) told the Wellington Jaycees recently. “I can see no alternative,” he said. “There might be variation’ of control or relief for certain commodities, but import control is the only way New Zealand fan, in the long run, live within its means. “An increase of Customs duty may solve some problems but it will inevitably increase the cost of living,” he said. There was a current debit balance of £57.600.000 and the August figures showed a relatively low reserve for this time of the year. £51,300.000, though the position might be better than this figure indicated. Reviewing the prospects for exports, he said that the supply of butter on the London market would keep the New Zealand butter price de--4*

pressed for some time, and New Zealand must "condition” herself to this. “I would think that the likelihood of any substantial increase in the price of butter is very remote.” It appeared likely that cheese would remain about the present price of 230 s a cwt but cheese was not a big factor compared with butter, meat and wool. The relatively good beef price was likely to remain stable. Lamb was meeting a mea-' sure of competition particularly from poultry. Unless new markets could be found for lamb—and efforts were being made, particularly in the United States and in Canada with some success—Britain was likely to be our main market for some time. Lamb earned £82,600.000 this year and, notwithstanding the greater quantity being exported, the coming year would see lower returns. Wool was unpredictable. As far as could be judged it was likely that as much or more revenue would be received from wool in the coming year.