The economy

Press, 23 June 1984, Page 18

The economy

Sir,—“The Press” does a disfavour to legitimate business when it uses the word “speculator” in describing those involved in the run on the New Zealand dollar. It is a legitimate business concern to protect one’s business against the acts of the Government. If a business pays its overseas debt after a devaluation, it will have to find more New Zealand dollars to do so. Mr Malcolm, the economist with the Planning Council, has said (“Check Point,” YA stations) that the possibility of a devaluation has had some effect on the run on the New Zealand dollar but other factors are more important—concern over the Government debt, $l.l billion of which has to be refinanced this year, the huge deficit; the interest rate controls; and so on. The implication is that there is not too much confidence in the National Party’s economic management.—Yours, etc., C. E. SMITH. June 21, 1984.

Sir,—l refer to “Bleak forecast for N.Z.” (June 20), which quoted an editorial from the “Australian Fin-

ancial Review.” I have no argument with the content of the editorial—quite the contrary—but I want an explanation why such an article was hidden on page 24. Is not the root cause of our present political chaos economic? An affirmative answer must put this article on page 1, in headlines, with comments from our political party leaders and your economic writers. The power you have in determining what is read and not read frightens me as much as our present Government. Every New Zealander should have been force-fed this article. It is your duty to ensure every reader is obliged to read it, not just 1 per cent. At least they could not then say in the months and years ahead that they did not know the facts. I, for one, have filed it away as future reference.—Yours, etc., DIANE INKSTER. June 21, 1984.