BRITISH CAPITAL CRITICIZED

Southland Times, Issue 23717, 16 January 1939, Page 7

BRITISH CAPITAL CRITICIZED

ATTITUDE TOWARDS NEW ZEALAND

TWO GROUPS “RUIN CHANCES” LONDON, January 13. Defending New Zealand at length against the attacks by the Federation of British Industries, a special article in The New Statesman points out that, while the federation is planning to jeopardize New Zealand’s security, its government is carefully planning payment on the interest of loans due in London. The federation’s campaign coincides with the City of Londons tactics in depreciating New Zealand stocks. Thus two groups of British capitalists are carrying out aggression against the Dominion in which, ironically, each is ruining the others chsnc6s» The article adds: “New Zealand at present would be the last to desert the Empire, but, if capitalism institutes shock tactics, the Dominion might be the first to escape from the capitalist dictatorship because New Zealanders believe in themselves, in their high standard of living,. and in the future even if it is through socialism.” The Economist, although blaming Labour’s prodigality for the situation, points out that other countries after a financial crisis as the result of Labour policy have imposed import restrictions with the support of the British manufacturers and adds: “The regulations apparently infringe the letter, if not the spirit, of the Ottawa Agreement. Nevertheless, New Zealand, considering her size, will remain a better field for British manufacturers than most of the Dominions.”