MR SAVAGE THANKED

Nelson Evening Mail, Volume LXX, 26 March 1936, Page 4

MR SAVAGE THANKED

TREND OF SHARE VALUES The statement made by the Prime Minister (the Hon. M. J. Savage) regarding the attitude of the so-called “Kelly Gang” towards the Government has aroused considerable interest and comment, and Mr Savage received a number of telegrams congratulating him oil the stand lie took. Speaking to a “Post” representative, Sir Savage said that there were certain people who were endeavouring to make out that things were going all wrong because there was a Labour Government in office. It seemed to him that such statements as had been made in Auckland were the best means of sending money- out of the country; as they tended to undermine public confidence. “If that is their idea, of the patriotic way to qo things,” lie continued, “then I don’t understand the meaning of the word patriotism. It seems to me to he not only the most stupid action, hut the most unpatriotic action, they could take. The man who is prepared to wreck the confidence of New Zealand in order to win political advantage is not worth the name of man.” Mr Savage recalled that when lie made a statement about the gradual reduction of the exchange rate, it was suggested that he was responsible for a “piece of Machiavellian ingenuity” in that he was bringing money into the country; now he was accused of forcing money out of the country. “In the minds of some people,” said Mr Savage, “whatever the Labour Government does is wrong.” Dir Savage made available to “The Post” figures showing the price fluctuations in a representative selection of New Zealand stocks and shares, the figures quoted being the prices at the end of February last, compared with the prices for the corresponding stocks twelve months ago. The prices are as follows: DEPRECIATION End of 12 months

Commenting on these figures, Mr Savage said he did not take credit for the appreciation that they disclosed, and it was unfair to blame the Labour Government for any depreciation.

Banks—. February. £ s. d. ago. £ s. d. Reserve Bank N.Z. 5 19 0 6 10 6 Bank of N.Z Loan and Agency— 2 7 9 2 9 0 National Mortgage Frozen Meat— 2 11 9 3 0 0 Canterbury 10 5 0 10 10 0 Gear 1 0 0 1 1 9 Southland Gas— 3 19 0 4 0 0 Auckland Shipping— 1 5 10 1 7 6 U.S.S. Co Coal—* 1 6 6 1 7 3 Taupiri ■. Timber— C 17 3 0 17 9 National Timber ... Woollens— 0 13 10 0 15 0 Bruce 0 13 6 0 14 3 Kaiapoi 0 14 Breweries—No depreciation Building and Investment Societies— 9 0 15 6 United Building ... Miscellaneous— Northern Roller 1 1 3 1 2 9 Milling 1 5 9 1 13 0 Woolworths 5 10 0 appreciation; 9 17 6 Banks— End of 12 months February. ago. £ s. d. £ s. d. National Loan and Agency— 3 17 6 3 9 0 Dalgetys (not N.Z.'?) 9 14 0 8 10 0 Farm. Co-op. Auct. Frozen Meat— 4 0 0 3 7 6 N.Z. Refrigerating Gas— 1 0 6 0 19 3 Christchurch Shipping— 1 16 6 1 15 0 Northern S.S. .Co. Coal— 0 7 2 0 6 9 Kaitangata 1 2 6 1 0 0 Westport Timber— 1 2 9 1 1 6 Bartholomew 0 18 6 0 15 0 Kauri Timber 1 4 10 0 19 6 Leyland O’Brien ... 1 3 0 1 1 6 Taupo Totara . Woollens— 0 9 9 0 3 6 Wellington Manawatu Knitting 6 0 0 5 15 0 Mills Breweries-r- ! 16 6 1 12 6 Dominion 1 0 ,9 0 16 0 Dunedin 1 10 0 1 9 0 New Zealand 2 11 9 2 10 3 Staples 1 15 Building and Investment Societies— 6 1 H 0 Christchurch Miscellaneous— 15 0 0 13 0 0 Dominion -fertiliser - .1 5 6 1 2 0 Dominion Pictures 0 16 6 0 16 0 Donaghy’s Rope ... 2 13 3 2 10 0