NEW YEAR SESSION

New Zealand Herald, Volume LXIX, Issue 21347, 23 November 1932, Page 10

NEW YEAR SESSION

POSSIBILITY HINTED

DIFFICULT TIME AHEAD

INTEREST RATE BURDEN

ATTITUDE TOWARD WAGES

[BY TELEGRAPH —SPECIAL REPORTER] ,

WELLINGTON, Tuesday

The possibility of a session of Parliament being held early next year, as has been the case in the past two years, has hecn revived in view of the tenor of a statement made by the Prime Minister, the lit. Hon. G. W. Forbes, when replying to-day to representations against the raising of the exchange rate, made by a deputation from the Federation.

Mr. Forbes expressed his view that the most difficult year in its history lies immediately ahead of New Zealand, and he said one of the first tasks to be tackled after the return of the Minister of Finance, the Hon. W. Downie Stewart, who is due at Wellington on Thursday, will be the question of reducing the burden of interest rates.

"Unless conditions improve, it is quite likely that w-e shall have to call Parliament together early next year," said Mr. Forbes, in an interview this evening. "We have been hoping for and expecting an improvement, but so far that has not occurred."

Continuing, Mr. Forbes said if prices remained at their present level, the Government would have to take further steps to deal with interest rates, for, on the whole, interest was still higher than the country could stand. Asked whether a further reduction in v/ages also was contemplated, Mr. Forbes said the position there was somewhat different. Not only had wages been reduced, but by amending the Industrial Conciliation and Arbitration Act, the Government had provided facilities for arrangements to be made between employers and employees in order to keep the ship of industry afloat.