National’s manifesto
Sir, — J. F. Garvey is right — our ancestors built New Zealand society on hard work, but they certainly did not live within the country’s income, thanks to conservative administrations which ruled from 1875 until 1935. They are the ancestors of the present National Government, and left a huge legacy of debt (made worse by the Depression) for the first Labour Government (1935). Walter Nash not only coped with this: he financed our World War II expenditure entirely within New Zealand and reduced the debt he inherited by 50 per cent by 1949. Even with the bonanza wool boom of 1951-52 the first National Government ran large deficits in the years 1954-57 and again left a big debt for Mr Nordmeyer to put right in 1958-60. In 1972, for the first time ever, Labour inherited a reasonable financial position — quickly undermined by a reversal in the terms of trade almost as bad as 1930-35. — Yours, etc.,
M. T. MOORE. May 2, 1977.
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Press, 3 May 1977, Page 16
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163National’s manifesto Press, 3 May 1977, Page 16
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