LARGE POWERS

New Zealand Herald, Volume LXXV, Issue 23215, 8 December 1938, Page 17

LARGE POWERS

DISQUIETING FEATURE INDIVIDUAL DISCRETION BUSINESS MAN'S VIEWPOINT "It is a little hard to follow the Minister of Finance, the Hon. W. Nash, when he suggests that tho depletion in the sterling funds is caused by over-importation accentuated by capital transfers," said the president of the Auckland Chamber of Commerce, Mr. A. Ely. The position was rather that there had been a reduction in exports, but not sufficient reduction in imports in sympathy with the reduced value of exports to enable the necessary margin to be retained to service the overseas interest charges. The facial eczema epidemic and rises in costs of production in Now Zealand, including difficulties of acquiring and retaining labour owing to tho superior attractiveness of Public Works employment, appeared to have been mainly responsible for the decline in exports. One of the most disquieting features of the announcement was the large powers to bo reposed in the hands of obscure individuals. The discretion which was placed in the hands of tho Minister and those acting under him carried very grave responsibilities, because the discrimination which they were empowered to exercise against particular types of imports would mean in certain instances great hardship and unemployment. ' "It is not yet clear from the published reports in what directions the Minister will exercise his discretion, and according to what principles," Mr. Ely added. "However, it would appear likely that if discrimination is applied against particular commodities, certain luxury and semi-luxury businesses that are wholly dependent on imports rather than on local production will go almost entirely out of existence. "It is hoped that the general restrictions on imports will have a sufficient braking effect on importing in general for it not to be necessary for the Minister and those acting under him to discriminate against any particular commodities."