P.M. threatens to stop more imports

Press, Volume CXVI, Issue 34104, 17 March 1976, Page 22

P.M. threatens to stop more imports

Dfir Zealand Press .4 ssoctat ion'

WELLINGTON, March 16.

The Government would penalise businessmen who were over-importing and impose further controls if that became necessary, the Prime Minister (Mr Muldoon* said todav.

Speaking to the Wellington Chamber of Commerce, he said the country could not live with the kind of figure for imports that present estimates were indicating. He said the first estimate for private imports in the •Tune quarter of 1976 was $220 million against $164 million in the same period of last year. •’Protected as total private imports for the June, 1976 year that would give us a figure of over $2500 million or $3OO million more than the June, 1975 year. "I do not need to tell you. that we cannot live with that kind of figure this year.” Mr Muldoon said that one of the curious features of the last month or two had been a

higher level of apparent confidence about the economy than was in fact warranted “It might possibly be the reason for the continuing upward movement in estimates of forward orders for imports. “We are not playing some kind of a game in economic management where there are winners and losers and you all have a beer together afterwards. We are dealing with the living standards in the future of the people of New Zealand and I promise you that you have seen the: last for some considerable 1 time of Government policies of borrow and hope.” He said the one bright spot ; m the importing field was! that c.i.f. imports coming: over the wharves and cash payments for prix ate imports were coming closer together The phenomenally high figure of deferred payment

• which was apparent a year ago had diminished very con-! siderably. ■ “One of the most shocking ■ statistics displayed todav was; i the indication that over the . past five years the volume of; farm product exports had not • increased — or, to put it! more clearly, it increased and : then reduced back to the pre-! i vious level. We retain a con-! - tinuing commitment to the : preservation of confidence ini i the farming industry. I be-i 1 lieve that to be vital. “One of the perverse statistics is the drop in the rate; eof unemployment, but that is| ; more seasonal than long-; term as unemployment always drops at this time of 1 ; the year. And I am still not; satisfied that we will get! ' through 1976 without a con-i ’ siderdable rise in the rate of 1 ! unemployment in the latter 1 : part of the year.”