LOANS FOR INDUSTRY

New Zealand Herald, Volume LXX, Issue 21515, 12 June 1933, Page 13

LOANS FOR INDUSTRY

gj r —With reference to the plan designed by Auckland business men to relieve unemployment by raising the laige internal loan,' I would like to mention that our Minister of Finance has more knowledge that lie is given credit ior. It may seem nothing to some people, but it certainly must take courage to pull to pieces & scheme from such a deputation. The main point in the Minister's reply, in my opinion, was when he said that loan money ioi unemployment should be spent on reproductive schemes. The scheme m question is not sound from a business point of view. As an alternative, might I suggest that we revive some oi our dormant primary industries such as ilax, kauri gum, etc. Let us take for example flax. With loan money we could buy the hemp and sell same in England, keeping in mind the £3 to £4 per ton gained in exchange and also the fact that we are told one of the reasons why New Zealand hemp is not a ready selier on the Home market is that consignments are too small to warrant the erecting of the special machinery needed to work this particular flax. Better still, let us erect the machinery in New Zealand and produce the many different articles which can be manufactured from this valuable flax. It would take thousands of men to supply our own needs in the way of woolpacks, cornsacks and sugar bags, to say nothing of the requirements of Australia. Home Industries,