A GOOD HEARING

Evening Post, Volume CXXVIII, Issue 5, 6 July 1939, Page 6

A GOOD HEARING

POLICY EXPOUNDED

TRADE AND INDUSTRY

MR. NASH ADDRESSES BUSINESS MEN

WK'Afc ■' Wall, from "The Post's" London Representative.)

Althbugh many came prepared to /" grumble, all members of the London Chamber of Commerce remained to give the Hon. Walter Nash, Minister of Finance, a. round of warm applause «fter he had addressed them.

They listened to a talk which he described as "a true perspective of the trading factors associated with New Zealand, the reasons behind the Government's decision, and the objective they hope to reach having carried out the' •'policy associated with that decision^'

■'There appeared to be only one sharp division of opinion, and that momentary.' It was when Mr. Nash, while answering; questions, inquired: "-Must -we" always have recurring periods of slumps and booms?" "Yes," replied several people, ' "Then you have no vision," Mr. Nash retorted sharply. "There is something wrong with your imagination." He declared that it was within human capacity to level the peaks of the booms ■and fill tip the hollows of the depressions. And his audience agreed with him. ,

MOMENTS OF HILABITY. 13&ieice wexe one or two moments of arilaiity. One when a <l"estioner compared v statement made by Mr., If ash and a critic. "I suggest that one Sot.you is wrong," he said. ' I "Well, obviously, he is," replied Mr. j • »ash, drawing a loud burst of laugh:ter. His subsequent explanation satisfled his audience. The other was when a questioner lose arid prefaced his remarks with a abmewhat backhanded compliment "I do not think anyone could have put his case better than Mr. Nash has done," he said, and then added, to the amusement of everyone: "I think there is a lot of truth in what he has said! That Mr. Nash was facing a critical audience* was obvious when, before he rose, a chorus of "Hear, hear" greeted the remarks of the chairman, Mr. Henry Morgan, who said that their visitor was to address "a body of business men who have been hard hit by " the regulations." .. 1 "W« havo the fullest sympathy with Mr. Wash," »dded Mr. Morgan, "in the «iiflb«lt tack he has before him in this teou&ixy." NO MISUNDERSTANDING. .' Becalling that in 1937 he had been unable to reach an agreement with the British Government, Mr. Nash said that he had returned horn-; with the feeling that while he had not jsucceeded, there was no misunderstanding, as to what he did want. . .. •He outlined the reasbns for the fall In the London sterling funds: the withdrawal of money left in the country in the belief that the exchange rate would return to parity; the investment <tf money in Australia at-a higher rate of interest than that procurable in New Zealand; investment in Australian companies which -did not have, their profits affected by paying Is m the £ towards a Social Security fund; the increase in imports. ,Mr. Nash also referred to the alternatives facing the Government in its endeavour .to increase the London 1 sterling'funds; and the reasons for introducing - import restrictions'. He added if if were not for the complete imperativeness of Nev/ Zealand s commitments, he thought it could oe said that* there was a breach of the letter of Ottawa, but not a breach of .the spirit, since the Government had no other course. It had to be remembered that in the last four years NeW Zealand had paid off £7,000,000 of hei'iiational debc, and that her expenditure; for defence had greatly increased..-: He gave a long list of figures showing: e-the. preference given by New Zealand to United Kingdom goods, and declared that New Z.ealahders still bought^more, from Britain per head dfi population than any other country.

PREFERENTIAL TREATMENT. ,',' No matter how ycju look at it, there is- no country in. the world giving a bet4er preferential treatment to the traders of the/, Upited Kingdom than •New Zealand"-Jtie declared/ He also said that, wh&e, it was sometimes out thai:' Britain bought more from New Zealand than the Dominion from her, the payment for annual debt services and shipping freights, and iOso the value of New Zealand goods ""re-exported from the united Kingdom; should be taken into ' account. JfWe want-to eoni^nue manufacturing -an "our country the maximum quantity 'of goods we "lean,"'Mr. Nash said. "We want it to be' economic as far as possible. But I 1 am* willing to make an agreement w4ft.'"the United Kingdom Government'that'1 after the deduction bf the sum rfeeessary to meet our debts, [national and local body, and shipping Jfreights, eta*-fr,wn the profits of our (exports, we will spend the whole of the of the profits in the United or with whatever other [country they might make an agreement." _ "■ . ■ i ."I make one minor qualification," he, added, "and that is to conserve a small proportion, say £500,000 or [£■1,000,000, for repayment of our debt to; .'Great Britain. This agreement •would not be easy to work out, but the principle and the desire are there. I would be glad to examine any reasonable procedure that would bring more 'trade to the United Kingdom. IN NEW ZEALAND. Ending his address, air.'jNash asked: fHas the Government jbqw in charge ibf .the country done the right thing?" He added: "I don?t .know. I only ♦think so. Of course/we. have made mistakes, but the, marriage rate is highbsr than it has beeii for 50 years, other ,±han the year when-the men came back from the \v:ar t i the ibirth-rate is on the up grade-tor the first time in lOfyears, the bankruptcies are the lowest • for 20 years, and the number of rpeople in gaol is the lowest for 50 years." The friendly reception given to Mr. 'Nash at this meeting of the London Chamber of Commerce is only one example of the many extended to him. It is not an exaggeration to say that {Mr,, Nash's sincerity is' nowhere doubtled,, and that his likeable personality tend, friendliness have gone a long way {towards making his mission easier. It as doubtful Whether the New Zealand SGoyernment could have found a better anan to represent it in London at the fnoment. ■ , f Mr. Nash is continuing his discusfeions with; exporters ■ this week, and pviir,' also be at many private %»at£erings. One of these has been .r----5-ari^ed by Lord Strabolgi in order that ■Mr./Nash may meet the leaders of the jSritish, .Party ~.-and.prominent $r*de imißnists. ' " '