N.Z. must borrow overseas, says Sir Arnold

Press, 27 October 1979, Page 4

N.Z. must borrow overseas, says Sir Arnold

i PA Wellington New Zealand must be prepared to borrow heavily overseas for capital development,! the former Labour leader J Sir Arnold Nordmeyer. has! said. But. he said. New Zea-' handers must have their: |hands firmly on the controls.; Sir Arnold, a former Min- ! ister of Finance and recent!', (retired as chairman of Maui ' Development, was speaking at a Labour Party dinner after! I receiving the party’s gold' badge for long service. His views on overseas borrowing brought objections, (from one elderly man who. (told him: “Nonsense. Nordy.

You’re talking rubbish." Sir Arnold, who was given ■ a standing ovation, said any-. ■ one who did not accept the, .(need for overseas borrowing: .(was taking an “erroneous! Hand shallow view of the: situation." There was loud applause ■ when Sir Arnold declared: 1 /apologise to no-one for the: -1 sentiments I have expressed. ■ tonight.” i But. he said, under no cirt.cumstances should New Zealand sell out its resources to i overseas interests. The party's president (Mr , ,T P. Anderton), presenting 1 Sir Arnold with his gold >. badge, said he had an un- . paralleled record of service

to the Labour motement. Sir Arnold’s "so-called Black Budget” now made him .look like “a cross between Father Christmas and the ! Easter Bunny” compared with subsequent National Budgets. Mr Anderton said. Gold badges were also pre sented to two former party presidents, Dr Martyn Finlat .and Sir Charles Bennett, and to the former president ot the Federation of Labour. Sir Thomas Skinner. The former deputv leader of the part\\ Mr Hugh Watt, who is in hospital, and a .former vice-president. Mr Jim Bateman, at present overseas, have also been awarded gold badges