‘Need to close ranks’

Press, 17 February 1978, Page 16

‘Need to close ranks’

Inflation’s grip on New Zealand could have been broken by now if the Government had received the full support it was entitled to expect, said the president of the Associated Trustee Savings Bank (Mr A. E. Allen). In an address to the organisation’s annual conference in Christchurch, Mr Allen berated “Leftist academics who make preposterous pronouncements” on the handling of the economy and their disciples who “slavishly echo their sentiments, follow their advice, and generally act against the nation’s welfare.”

“We desperately need to close our ranks now, join forces with democratically elected government, and demand that disruptive and seditious minority groups, whoever they are are and wherever they may be found, be given the message loud and clear that freedom under the law does not bestow on any-

one or any group a licence to break the law; that we are not prepared to surrender our rights to those who would discard our heritage and destroy our economy,” Mr Allen said. “It is an incontrovertible fact that you cannot loaf your way out of economic difficulties,” he said.

“Inflation is largely brought about because too many workers, at all levels from the bottom to the top, in all trades and professions including the self-employed, have barely produced enough goods and services to cover what money they receive bv way of wages, salaries, or charges. “This in itself is probably the major cause of the neverending upward climb in prices for the goods they oroduce and the higher charges for the services they provide. “The production for every dollar paid by wav of remuneration should be worth

considerably in excess of that dollar, the excess being what is required to maintain undertakings, provide employment, produce goods and services, and pay a reasonable return to those who invest the necessary capital to establish them.” Mr Allen said that unless this was achieved, the flow of investment money would drv up, and the economy would further deteriorate and eventually collapse, “which, of course, would be in tune with the aims and the mentality of some people who. for too long, have been having too much their own way. “I am convinced that this country is in a very crucial phase and that in the job ahead it behoves everv loyal citizen conscientiously and fearlessly to play his or her part and resolutely back any appropriate action taken to curb those who strive to impede the country’s economic recovery,” Mr Allen said.