Holland Made 'Yes-No' Speech, Nordmeyer Says

Northern Advocate, 25 August 1948, Page 3

Holland Made 'Yes-No' Speech, Nordmeyer Says

WELLINGTON, Wed. (P.A.).—Mr Holland had made a “yes-no” speech, said the Minister of Industries and Commerce (Mr Nordmeyer) in his reply to the Leader of che Opposition in the House of Representatives last night. He was on the horns of a dilemma, because the general reception had been favourable and many of his own supporters were enthusiastic about the move.

Mr Holland had tried to keep favour with those who supported and those who opposed the return to parity.

Mr Holland’s statement that many traders had built up reserves against such a contingency as the present war. an important admission that any benefits in Government purchases overseas at the new rate would be fell, by the whole community.

full examination of the fact

the Government’s desire that the full effects of the appreciated exchange should be felt as soon as possible. Mr Nordmeyer said the effects on various sections of the community would be as follows: —

The Minister said there was such a wide choice of goods available which we wanted that import control would be used to protect local manufacturers.

There was an ample field from which to select goods without exposing them to dangerous competition.

| The Minister of Customs would see g that available funds were used to the si best national advantage.

Mr Nordmeyer emphasised that the policy followed was the policy of the Government. The decision was not that of the Minister or any individual, or any group of individuals, or Left. Right or Centre. The country was never in a belter position to stand the inevitable dislocations which must follow an exchange adjustment. While the move might benefit some sections more than others, the Government took its decision, not with the intention of benefiting or hurting any section, but for the good of the whole community.

What ili-effects there were would have arisen whenever appreciation was undertaken, by whatever Government. It was absurd to claim that the New Zealand pound today was worth 25 per cent Jess than the pound sterling, said Mr Nordmeyer.