“FINANCIAL DEBACLE”

Press, Volume CVI, Issue 31211, 8 November 1966, Page 8

“FINANCIAL DEBACLE”

—B. G. Barclay (Labour)

Fendalton, now the biggest electorate in Christchurch, can no longer be regarded as a safe refuge for defeated National Party' candidates. The forthcoming General Election will prove to be an indication of the people’s protest against the outgoing Government.

The National Party candidate for Fendalton will be Mr Lake, who epitomises the financial debacle of New Zealand. He, as a potential borrower, can no longer squeeze a welcoming smile from overseas financiers. Local bodies cannot raise essential money in New Zealand and the young electors of Fendalton may well wonder why they are required to pay a minimum rate of 18 per cent interest for hire-purchase accounts while the money-lend-ers grow fat. It has long been the tradition of New Zealand in general, and Canterbury in particular, to adhere strictly to the British way of life. But the National Government sees nothing odd in selling Maori trust land to American speculators, granting North Island hydro contracts to Italians (with an abortive attempt to restrict wages on the job), and contracting with Japanese engineers to alter the Auckland harbour bridge after asking them to lend us the money to pay for their work.

In trade, the country has had a period of unexcelled earnings in overseas markets thanks largely to the initiative and drive of our primary producers and manufacturers, but due also to world trends beyond our control. In the same period we have imported to an unbelievable degree. To do this we have had to borrow to the maximum, the net result of Government mismanagement being the disappearance of our overseas exchange and a trade crisis of frightening proportions facing the country. “Spending Orgy” On defence, a Government responsibility of extreme importance, the Nationalists have indulged in an orgy of spending with results which

could please only W. S. Gilbert

We have a Navy ill-equip-ped to fight even the elements, an Air Force inadequate for our protection or its own, and an Army which is top heavy and long overdue for reorganisation at home and abroad.

In all respects the National Government has little to be proud of when accounting for its stewardship.