SELF-EELIANCE
IN PUBLIC BORROWING
Stating that overseas borrowing should cease, or be rigidly curtailed, Mr. H. F. Toogood, Nationalist candidate for Wellington South, speaking at Island Bay last night, advocated a selfreliant policy in the matter of public borrowing.
Mr. Toogood .said that national selfreliance in this matter was advocated by the Hon. John Ballance, but it had to be abandoned, and a policy of overseas borrowing took its place. With incerasing exports, this policy appeared to be reasonable, and he agreed that it might have been the only rational method of development such as the country then demanded. But today they found that due to quotas and tariffs there was a danger to exports remaining stationary—in fact, there was a danger that they might even diminish in value. The National Government had left few stones unturned in its efforts to maintain, and if possible, increase the export trade, but despite those efforts they were faced with,.serious problems, and these problems would be greatly increased if any great interference took place in the methods of handling the exports.
"Having in view the present conditions surrounding the export trade," said Mr. Toogood, "it appears as if the time has arrived when, for the sake of prudence, we must accept the selfreliant policy as the soundest borrowing policy for the future. It will have a two-fold result.. The interest paid will be distributed among ourselves, and you will find, in general, it will be p^aid to those careful people who desire to invest modest sums for provision in ttteir old age. The second result will be that local industries will be, and must be, encouraged, in order that the import side of oiir.trade is kept within reason. There is no necessity for us to go without goods, but there is a need to cease overseas borrowing, and therefore we arrive at the one conclusion—it is more industries that we want. And we "tan increase our industries only by the assistance of sound finance."
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https://paperspast.natlib.govt.nz/newspapers/EP19351107.2.186.6
Bibliographic details
Evening Post, Volume CXX, Issue 112, 7 November 1935, Page 23
Word Count
331SELF-EELIANCE Evening Post, Volume CXX, Issue 112, 7 November 1935, Page 23
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