‘Staggering Load Of Debt'

Press, Volume CIV, Issue 30937, 18 December 1965, Page 1

‘Staggering Load Of Debt '

i CN.Z. Press Associations AUCKLAND, Dec. 17. The National Government had imposed a staggering load of debt on the country, the newly-elected Leader of the Opposition (Mr Kirk) said in Auckland this evening. Mr Kirk, making his first official visit to Auckland to attend the Christmas social function of the Auckland Labour Representation Committee. said: “The amount the Government has borrowed overseas in the current year, £613 million, about equals the total amount we made from the sale of butter overseas in 1964, and is more than the total made from the sale of cheese in the three calendar years of 1962. 1963 and 1964. "Such a massive increase in our debt to overseas lenders

does not take into account legislative authority taken by the National Government during the last session to make certain overseas purchases on a credit basis. “A bad feature of borrowing this year has been that a substantial amount of it has been to finance consumption. “In future years, the country will be required to forgo some of its current capacity to finance imports in order to repay the cost of some of this year’s consumption. plus interest” The Labour answer, he said, was to channel investment into increased production, particularly increased agricultural production, which showed the best prospect of increased overseas earnings. The policy for increased farm production put before the country at the last election was now under review, and would be put to the farming community early in the new year.

1 Other policy points made ' by Mr Kirk were: ; Finance: "Among things 1 due for overhaul are the hire- ' purchase laws. And if we become the Government, they ■ most certainly will be over--1 hauled. Considerable atten--1 tion will be paid to the effect that growth of hire-purchase ‘ has had in causing some of 1 the economic difficulties of • the country today. 1 News Media Act: "This is . not in the best interests of the country, and we would repeal it It has several bad features. One of the worst is that it assumes that anybody : who comes into New Zealand . in the newspaper field will ' act against the interests of the country. No other legisla- [ tion says that people from , tNmtts are ted for the , country without allowing them a trial.

Military Commitments: “The Labour Party believes the only role of New Zealand

troops in Vietnam would be as part of a peace-keeping forte. But a decision on Vietnam would have to be taken in the light of circumstances at the time. If they are the same as now, we would withdraw the troops. As far as Malaysia is concerned, as long as they need our help they will get it. Nuclear Tests: “We are very concerned that the French are going ahead with their tests in the Pacific, against world opinion and the opinion of the 109 nations which are signatories to the nuclear teat ban. We are also concerned at the way the French are building up faculties, and that we may be fared with a continuing series of tests.”

Protests would continue, said Mr Kirk, and a Labour ; Government would sponsor moves in the United Nations to ten the supply of nuclear materials to nations which 1 would not sign the test ban treaty.