Reckless Disregard'

Northern Advocate, 21 August 1948, Page 7

Reckless Disregard'

WELLINGTON, Sat. (P.A.) .—“Abolition of the 25 per cent exchange rate in one operation will cause serious disturbance in farming and commercial sections of the community, and not least on manufacturers, said the president of the Wellington Manufacturers’ Association (Mr D. O. Whyte) yesterday. "While it is admittedly desirable to restore New Zealand’s currency to parity with Britain, to do so in one operation, at a time when stocks are high in the hands of wholesalers and retailers, shows reckless disregard on the part of Mr Nash for the serious effects which this will have on the community as a whole. ‘GREAT DISAPPOINTMENT’ •• “Unless import control is to be administered in the near future with greater regard for its effects on New Zealand manufacturers the changed exchange rate may well be disastrous for some of our members. “Recent experience in regard to import control is not reassuring in this respect. “Regarding the Budget generally one can only express the greatest disappointment that the Government disregarded the paramount need of the country at the present. “This is some incentive for the greater production of consumer goods to maintain our standard of living.”