The Economy

Press, Volume CIV, Issue 30836, 23 August 1965, Page 12

The Economy

Sir. —No-one seems to be able to inform me how we can afford to give away £300.000 of borrowed money. We have Mrs Joy Johnston telling us that it is common for governments and even families to live beyond their incomes. We also have Mr Lake telling Parliament that he considered it “good housekeeping” to borrow £10.000,000 on the London market at a higher rate of interest then that being earned by our invested overseas reserves, and if we needed more money we could still draw on the World Bank. As for Mrs Johnston’s families, it is inevitable that they will eventually face bankruptcy or a debtor’s court. As for Mr Lake and his unorthodox finance, a day of reckoning must come, and then God help the wageearners, the pensioners and those on fixed incomes.— Yours, etc.. PERCY McMILLAN. Saltwater reek. August 20. 1965.

Sir.—The socialist Opposition seems bent on a policy of scare tactics and gloomy predictions. Their agitated concern over the drop to £4O million in overseas reserves will not carry much weight with sensible people, who. if they cast their minds back to the first socialist Government, will remember how they recklessly spent our overseas funds, stating at the same time that we did not require reserves overseas. Let us away with all this gloom We are a young nation: we have greater opportunities for export and internal development and expansion than ever before. Let us stand firm and show resolution and determination to see the job through: we will not die from hard work but all could be lost if we do not put our shoulder to the wheel.— Yours, etc.. F.W.P.F. August 20. 1965.