IMPORT RESTRICTIONS

Wanganui Chronicle, Volume 83, Issue 143, 20 June 1939, Page 7

IMPORT RESTRICTIONS

POLICY JUSTIFIED NEW ZEALAND GOVERNMENT’S REASONS SPEECH BY MR NASH (By Telegraph—Press Association—Copyright) Received June 19, 5.5 p.m. LONDON, June 18. Mr. Waller Nash’s address before the London Chamber of Commerce was mainly an historical account, of events leading up to the import restrictions, which, he said, were forced on the Government by the loss of £21,000,000 in sterling funds within a little over a year, this being partly due to an abnormal rate of importation and partly to the withdrawal of funds. The Government could have i reduced expenditure and cut wages as was done in 1931. This would have achieved the desired result at the cost of cruel hardship upon the mass of the people. The Government’s policy, he declared, was the best alternative. Though it meant a breach of the letter of the Ottawa agreement, it did not break the spirit of the agreement for the Government had no other choice, as it had resolved to meet its debt obligations. Mr. Nash added that some people in England felt that New Zealand should remain an agricultural country. This would mean widespread unemployI ment and depopulation. ' The Government aimed at building I up a balanced economy based on betiter living conditions. The rising popu--1 lation was playing a fun part in i Empire economic defence. All the marriage, health and business statistics showed that the Government, was succeeding. The Financial News states that Mr. Nash is clearly pressing for a trade agreement, which’ will give New Zealand a share of the British market while providing increased purchases by New Zealand of United Kingdom goods.