Development Priorities
Sir.—According to an article on the farming pages today. New Zealand has great opportunities ahead in the development of cheap nitrogen manures through our heritage of cheap electrical power, but our leaders must take another look at the danger we face in signing these advantages away to foreign interests for the production of cheap aluminium over which we would have no control as to the uses to which it would be put The proposal to borrow $l4 million in Germany at 7 per cent needs looking into. It means that in 14 years the Government will have bought through taxation enough overseas credits from our exporters to pay the interest on the first round and still be owing the principal. Alternatively, the Government could issue enough money direct from the Reserve Bank without interest to buy outright the capital goods required and save our country going further into irrepayable debt and taxation in perpetuity.— Yours, etc., W. B. BRAY. Leeston, July 6, 1968.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19680709.2.97.6
Bibliographic details
Press, Volume CVIII, Issue 31726, 9 July 1968, Page 12
Word Count
165Development Priorities Press, Volume CVIII, Issue 31726, 9 July 1968, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.