THE ECONOMIC POSITION

Waikato Times, Volume 109, Issue 18258, 20 February 1931, Page 7

THE ECONOMIC POSITION

THE PREMIER'S PROPOSALS.

OPINION AT AUCKLAND

AUCKLAND, Friday.

In presenting the annual report at the annual meeting of the Auckland Chamber of Commerce, the retiring president, Mr -Malcolm Stewart, said that although, perhaps, six months overdue, the recent statement by the Prime Minister, setting out his economy proposals were generally to be commended.

It was hoped the economy lead given by the Government would be followed promptly by all local bodies, and that a general reduction in award wage rates would also he rendered possible, bringing with it an automaticcure for file unemployment situation, which was largely due to unduly hfgh wage rates. In commending generally the proposals set out by the Prime Minister, Mr Stewart said he considered the Government should seriously reconsider the contemplated increase in taxation and postal rates. In the case of the farmer, added taxation would further retard industrial development and progress, and in the long run would defeat its own object. “Interest rales are too high,” said Mr Stewart, “but there is no prospect of reduction while the Government is hardening up the money market in New Zealand by incessant borrowing for undertakings the economics of which, to put the matter as charitably as I can, are at leasL doubtful.”