“ COURAGEOUS AND WISE ”

Evening Star, Issue 22721, 7 August 1937, Page 12

“ COURAGEOUS AND WISE ”

N.Z.'S UTILISATION OF CREDIT DOMINION POSITION STRONG IN LONDON [Per United Press Association.] AUCKLAND, August 6. Praise for the New Zealand Government’s utilisation of credit was forthcoming from the Hon. A. G. Ogilvie (Premier of Tasmania), who arrived at Auckland by the Monterey from Los Angeles to-day after representing his State at the Imperial. Conference .in .London. He also expressed complete confidence in New Zealand’s attractiveness on the English money market, and said that the colour of the Government’s political coat carried no weight at all with investors. _ “ The utilisation of credit in New Zealand appeals to me as being most courageous and wise, if 1 may say so,” said Mr Ogilvie, “ and similar steps should he taken in Australia. In fact, they will have to be taken because Australia m,ust develop its defences. It must have such things as submarines and aeroplanes, and a Commonwealth utilisation of credit policy would enable these things to be purchased.” During his visit to Great Britain he had found that a very, favourable attitude existed to New Zealand and Australian finances, and extremely congratulatory things were said about them. Appreciation had been expressed quite generally of the manner in. which New Zealand and Australia had taken hold of the depression. Politics did not enter into the minds of investors. The only thing they were concerned about was pounds, shillings, and pence, and, they would put their money where they, could get the greatest rate of interest. They were not frightened of Labour Governments. Mr Ogilvie added that in England itself the distinction between the present Conservative Government and a possible Labour Government struck him as being the difference between Tweedledum and Tweedledee. He thought that if the Labour Government of the past found £10,000,000 for slum clearance, there would have at once been a general cry of Socialism and Communism, and yet Mr Neville Chamberlain’s Government had been able quite easily to effect something which had the flavour of a Labour Government rather than of a Conservative one.