REGULATION OF PRICES.

New Zealand Herald, Volume LII, Issue 16053, 20 October 1915, Page 9

REGULATION OF PRICES.

WORK OF BOARD OF TRADE.

EXPLANATION OF POSITION.

.PRESS ASSOCIATION.]

Wellington, Tuesday. DTNiit ■.'■<■ se of the session a certain amount, :'.i Averse criticism has been If celled at the scheme for the establishment of a Board of Trade to examine the problem of increased prices. The board is to be created under the Cost of Living Act, which was introduced by Sir J. Ward in the House- of Representati' rs, and some people appear to be under the impression

are not going to be bene-

fited at all by this legislation. Referring to this subject to-day, the Minister for Finance said he was fully aware of the nature and extent of the difficulty that was confronting thousands of people of limited and moderate means, and he felt very sincere sympathy with the sufferers. " But," he explained, " the Government cannot remedy the trouble by a wave of the hand or a stroke of the pen. _ There are economic problems involved in the situation that cannot be settled in that simple fashion, but the Government is doing its utmost to secure relief for consumers, particularly for those who under normal conditions have to be content with very little more than the bare necessaries of life. The

Cost of Living Bill of last session was designed to give full effect to the Commer cial Trusts Act of 1910. and the regulations of the Trade and Commerce Act of 1914, ano '<> fk-jir up several points which were not • •:> ..• quite plain by those measures. .Many people, in criticising the Bill, appear to have overlooked the fact that it has to be read with the law already on the Statute Book. It sets up a Board of Trade, consisting of the Minister for Industries and Commerce, and three paid members, who will devote all their time to the duties of their office. No doubt capable men with T-ide experience and entirely freed from other interests will be selected, and, with their assistance, the Minister will make representations to the Government that can be put into operation at once. " The whole machinery for the regulation of prices is now provided, and it will be set in motion 'irectly the paid members of the board ire appointed. I believe the boa - 5 'ill i excellent work, and wil' afTorc a.l the relief chat can posr.ibly b< ifforded to consumers. At any rate it wil

prevent them from being exploited by greedy tradesmen. The cost of imported goods cannot be regulated here. If the prices of tea. of cocoa, and cottons, and other things have gone up in the countries where they are produced, we cannot insist upon importers selling them in New Zealand at a loss, but we can see that no one makes more than a fair profit. The penalty for any breach of law may be as much as £500, and a tradesmen who risks having to pay thi9 amount need expect no mercy when he is caught."