CONTROL OF CREDIT

Manawatu Standard, Volume LXIII, Issue 236, 3 September 1943, Page 4

CONTROL OF CREDIT

PREMIER'S STATEMENT.

(P.A.) NEW PLYMOUTH, Sept. 2\ Control of credit and currency by the Labour Government was discussed by the Prime Minister when addressing 600 electors at Stratford to-night; "We have been told by certain parties," he said, "that we have not carried out our proposals to control 1 credit and currency in the interests of;the people of the Dominion. That is not correct. The currency system .is more controlled to-day than it has even "been, and the Government > is getting co-operation from the banks. I am not going to attack the banks, which have accepted the direction of the Government and have co-operated with the Government. We have used the credit of the country when it was wise> and advisable to_ do so, but the Government is not going to carry out the reckless use of credit. It is not going to encourage stupid inflation. Labour's plan, is stabilisation." Referring to the multiplicity of Independent candidates, Mr Eraser said the National Party Leader (Mr Holland) declared that all elected members of his party would be;at liberty to vote as they liked on any question except a motion of no-confidence. "Such a proposal," Mr Fraser added, would reduce Parliament to an 'absurdity because if free members refused to support a Bill tho Government would be defeated. The National Party Leader's proposal is all humbug." A vote of thanks and support for the Labour candidate was carried.