NOT SATISFIED

Southland Times, Issue 22210, 30 December 1933, Page 6

NOT SATISFIED

LONDON BUSINESS MEN

FINANCIAL SYSTEM CRITICISED

VISITOR’S IMPRESSIONS

(Per United Press Association.) Auckland, December 29.

The chairman of the Transport Board (Mr J. A. C. Allum), who went to London on business relating to the Board’s loan commitments, returned today. He declined to disclose the outcome of his mission until a special meeting of the Board has been held. Mr Allum said that he had found business men, as represented by the London Chamber of Commerce, thoroughly dissatisfied with the existing financial system, and they were making strenuous efforts to bring about such a change as would enable industry to function normally. In the past the activities of financiers had not been of any great concern owing to the tremendous amount of development taking place, but now there was an obvious desire to impress upon those controlling finance that, while they were still an important part of the machine, they were not the whole machine.

Mr Allum said that when meeting representative men he found no serious criticism of New Zealand’s raising of the exchange rate and, as far as he could judge, the statements made in connection with it were purely propaganda by interested parties. The question of an export quota was not in the remotest degree associated with the New Zealand Government’s tariff or change of policy. It appeared that English authorities were resolved to re-establish their farmers. That involved a considerable amount of control of the farming industry in New Zealand, and, obviously, that control was being extended to imports from overseas.

“To-day there is no room for the interested party which issues apparently important statements merely as propaganda,” said Mr Allum. “The only tiling that matters is the welfare of the people as a whole. As far as I can see, the motto of the people of responsibility at the present time is: ‘Subsequent welfare, not wealth 1 .”