“Both Parties Failed To Halt Rising Costs”

Press, Volume CVI, Issue 31344, 14 April 1967, Page 14

“Both Parties Failed To Halt Rising Costs”

Successive National and Labour Governments over the last 30 years had failed to halt the rise in the cost of living, the Social Credit Party candidate in the Fendalton by-election (Mr J. J. Forster) said last night. Speaking to five persons at an open air meeting held in darkness, Mr Forster said the combined effects of government by the two parties had been a continuing rise in the national debt and yearly increases in rates which were now almost as much as rents. Although New Zealand had been in existence only a little more than 100 years as a producer country, its national debt was now more than £lOOO million.

“We pay over £1 million a week in interest to the moneylenders,” he said. “We have seen this continual rise in the cost of living and a depreciation in the value of money. “Basing the £ on 1935, it is now worth only 13s.

“We have seen a rise in taxation. It might not be noticed through PA.Y.E. but it is there,” he said. Mr Forster claimed that it was now accepted as inevitable that there should be an annual increase in rates. “We have an alternative because we believe that the nation produces more and more each year and should show a profit But the more we produce the more we are getting into debt It is high time a stop was put to this nonsense. “We were told only last year by Mr Lake that never before had so much been earned in exports. And in the same breath were told we would have to borrow £lOO million to carry on.” Mr Forster claimed the Government could no longer hide the truth about the trade imbalance by borrowing overseas. Money was too hard to borrow now.

“We are having trouble In borrowing money and this is part of our problem. “You people in Fendalton have to make a decision. You can continue to vote as in the past and give the green light to the Government to go ahead with any restrictive measures it likes.

“If you vote for Forster you will be giving them the red light and showing them they can’t do as they like. “Get away from the custom of voting as mum and dad did; vote according to your conscience,” he said.