DOMINION’S FINANCES
Critical Survey By Mr.
Lefeaux
Dominion Special Service.
MASTERTON, June 12. A critical survey of the economic and financial position of the Dominion was made by Mr. L. Lefeaux, former governor of 'the Reserve Bank of New Zealand. in an address in Masterton last night. Sir Herbert Hart presided over a large attendance. Mr. Lcfeaux stressed the dangers ot inflation which faced New Zealand. He criticized the present. Government’s policy of excessive borrowing from the lyeserve Bank and said that it had resulted in import restrictions and the suspension of the convertibility of the New Zealand pound. ... , After dealing in some detail with the extent to which the war had eased New Zealand's financial position, Mr. Lefeaux said there was danger ahead. Too large a proportion of the war Joans had been financed by temporarily idle capital and too little from current incomes. He said war, inflation and living partly on capital had saved New Zealand from _ a ticklish position. Many new and untried theories were being advanced. It would be well to, take a lesson from mountaineers. who did not give up one tried foothold till the next bad been tested. Tlie meeting was not open to the I ress.
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https://paperspast.natlib.govt.nz/newspapers/DOM19450613.2.76
Bibliographic details
Dominion, Volume 38, Issue 219, 13 June 1945, Page 8
Word Count
203DOMINION’S FINANCES Dominion, Volume 38, Issue 219, 13 June 1945, Page 8
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