New Import Schedule ‘Surrender To

Press, Volume CIV, Issue 30715, 2 April 1965, Page 16

New Import Schedule ‘Surrender To

Comments made by the Minister of Customs (Mr Shelton) when releasing the import licensing schedule 1965-66 confirmed the view of the Canterbury District Council of the Federation of Labour that the compulsory retirement of Dr. W. B. Stitch was part of an attack spearheaded by the International Monetary Fund, the council said in a statement issued this week.

The purpose of the attack, the statement said, was to undermine and finally abolish the system of import controls which had preserved full employment in New Zealand for 25 years. The Canterbury council in December protested against the compulsory retirement of Dr. Sutch as the head of the Department of Industries and Commerce. Mr Shelton had said that the announced exemptions would be permanent, and should be considered to be a continuation of the Government's policy to proceed steadily with the removal of import controls, the council said.

“The Minister is, of course, aware that unlimited importing will throw the country into an exchange crisis,” said the council.

“He anticipated—if necessary—borrowing from the International Monetary Fund.

“Mr Shelton is as much aware as the importers who press him for these irresponsible actions that the International Monetary Fund at-

taches the most humiliating conditions to any loans granted by it. “Because many countries, including Great Britain, have accepted the policies of deflation and anti-working-class taxation imposed on them by the fund, is no reason why New Zealand should do likewise.”

The council said association I with the International Monetary Fund made New Zealand increasingly dependent on international financial powers which did not respect the welfare of New Zealand as the first consideration. “The World Bank is now considering setting up its own code of laws which will supersede national legislations to settle disputes between governments and foreign investors,” said the council.

“By borrowing from the World Bank to overcome the balance of payments difficulties we are removing the right to deal with foreign capitalists according to our own laws. “The balance of payment difficulties are being created by allowing an unrestricted flow of imports into this country. The only outcome of this surrender of sovereignty to international financial inter ests can be unemployment.” The council said it would also bring about increased pressure on wage-earners from all sides. The same had been the case of all countries which had had to fall back on the costly sendees of United States-dominated international financial institutions.