DOLLAR LOAN TO DEVELOP N.Z. RESOURCES?

Greymouth Evening Star, 24 August 1949, Page 6

DOLLAR LOAN TO DEVELOP N.Z. RESOURCES?

WELLINGTON, August 23 (P.A.). —“The plain fact is that the resources of this country can be developed only with plant and machinery obtainable only from dollar areas,” said the Minister of Industries and Commerce (Mr A. H. Nord■meyer), speaking in the Budget de- : bate in the House of Representatives . this evening. | “Therefore, whatever our prejudices may be, whatever our earlier , public statements, if it can be shown to be in the interest of this country’s future development, primary and secondary, that a dollar loan is desirable, then it is right and proper to resort to it.

“New Zealand in asking for a dollar loan does not come as a mendicant .seeking charity but as a country of vast potentialities seeking a loan to build up primary and secondary industries.

“It is an ordinary, prudent business action, that when additional plant for future development cannot be bought out of current income a loan should be obtained. The time has arrived to take that step in the interests of this country. “This loan will be for capital development. It would be a crime for any Government to borrow dollars to fritter away on consumer goods and the loan will be used solely to acquire plant and machinery that will increase production.”