UNDER EXAMINATION

Nelson Evening Mail, Volume 80, 16 November 1945, Page 5

UNDER EXAMINATION

NEW ZEALAND’S FINANCIAL SYSTEM LABOUR PARTY CONFERENCE Wellington, This Day. New Zealand’s financial system was under examination at the annual conference of the New Zealand Labour Party, which concluded yesterday. The conference heard the Minister of Finance, Mr Nash, on every aspect of the Government’s policy. The following recommendation from the finance committee, brought down by Mr H. E. Combs, M.P., was unanimously endorsed: — “That the monetary policy of the party shall be a managed credit and currency system with a view to: (a) preventing inflation or deflation, (b) maintaining purchasing power according to the availability of commodities and services, (c) providing for the repayment and reduction of public debts, internal and external, (d) progressively reducing interest rates to the lowest economic level, (e) guaranteeing prices for primary products to cover costs of production with' a reasonable margin for producers; (f) maintaining and expriding living standards, (g) providing full employment with • a guaranteed minimum, wage.” The conference recommended the reduction of the sales tax as early as possible, consistent with the economic needs of the country.