LABOUR'S POLICY

Evening Post, Volume CXXIII, Issue 48, 26 February 1937, Page 8

LABOUR'S POLICY

EFFECT SO FAR

"FEELING OF NERVOUSNESS"

"Internally, it may be said that the Government's policy is justifying itself, but there is a feeling of nervousness in the business community which mitigates against that return of wholehearted confidence," said Mr. C. H. Wynyard, in his presidential address at the annual meeting of the New Zealand Society of Accountants last night.

It was generally felt, he said, that the large sums being expended by the Government would put a strain on the country's financial resources, and. should the British market break, one wondered to what extent would the Governmental control of credit be used to keep up the high standard of living in an already over-taxed community. The New Zealand experiment of solving a country's difficulties by shortening hours of work and distributing higher wages was being closely watched by outsiders and, in particular, by our best customer, Great Britain. - " : ■■•'.

"New Zealand at the present time is, and will be for many years to come, almost entirely dependent on the British market," continued Mr. Wynyard. "We are not an economic entity and must give some consideration to the views of our largest customer. _ Whatever might be said about creating and manufacturing credit, the cold fact remains that the willingness to purchase and the price paid for our products by the British public are the standards upon which the credit of this country must eventually be based. Bearing this in mind, it is of the utmost importance that our leaders should visit Great Britain from time to time, and ascertain the views of our customer. Our continued prosperity will depend on maintaining our good will with the United Kingdom and thus insuring our national income, but, bearing in mind the already heavy commitments of the Government and the almost certain request from Britain for a further contribution to the cost of protecting , Empire routes, the time has arrived when the pilots of the State should pause ; to examine the fuel supply. A forced landing is not without attendant dangers." "GOT THINGS DONE." To the credit of the Government it must be said, whether they agreed with its proposals or not, that it had got things done, Mr. Wynyard said. The Government had speeded up the Parliamentary machine to the. extent of passing, during forty-three sitting days, fifteen public Acts, as well as many local and private Acts. With such a rush of legislation, many people had been left wondering as to what it all meant/ When the proposals were put into effect, and only then, would the general body of the public understand the sweeping changes emanating from the legislation of last session. The first Budget differed very little from pre-Labour Budgets, although further exploration of the field of taxation had been made to provide additional revenue. The figure."- for nine months of the financial year /lowed that the Government had not been over-optimistic when fixing its Budget figures.