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War Economy

Noteworthy Events Since The War

page 574

Noteworthy Events Since The War

Year Overseas New Zealand Events Directly related to the War Other New Zealand Events
1945 (from August) VJ Day. 15 August. War Cabinet dissolved, 21 August.
Organisation for National Development dissolved in November.
Maximum rate of demobilisation in December quarter.
1946 Very few manpower direction orders issued after January. Family benefit benefit made universal in April.
Remaining manpower controls lifted in June. North-South air-freight service inaugurated.
Termination of Mutual Aid Agreement with the United States of America in July. Some relaxations in North Island electric power restrictions.
Bulk purchase contract for wool expires.
1947 Gift of £10 million sterling to Britain in March. Clothing rationing abolished. First South Island electric power restrictions.
Dairy Commission takes over marketing of dairy produce.
1948 Tea, sugar and meat rationing abolished. Return of £NZ to parity with sterling in August.
War assets realisation almost complete. page 575
1949 Consumers' Price Index adopted.
Successful RNZAF experiments in aerial top-dressing of farms.
Defeat of Labour Government. National Government takes over in December, pledged to fewer controls and more competition.
1950 War begins in Korea. Land sales control lifted. Many imports freed from quantitative controls in July, further relaxations follow.
Petrol and butter rationing abolished. Record wool prices.
1951 Wool prices even higher. They reach 240d. a pound at Christchurch.
Prolonged waterfront dispute from February.
Bank advances expanding rapidly.
1952 Last of wartime wool surpluses sold. Exceptionally high importing—exchange allocation system introduced.
1953 Power restrictions suspended in North Island—first time in 12 years.
1954 Rehabilitation expenditure starts to diminish. Exchange allocation scheme terminated.
1955 End of rigid system of price control. Newsprint mills open at Kawerau.
End of shortages of washing machines and some other consumer durables. Rate of increase in retail prices slows down.
Exceptionally high importing.
1956 American distributions of surplus butter and cheese cause concern in New Zealand. Last of wartime building controls removed. Severe power restrictions in South Island.page 576
1957 European Economic Community created in March. High imports.
Dairy produce given duty-free right of entry to Britain till 1967. Labour Government assumes office in December.
1958 Dairy produce prices in Britain lowest since 1946. Dairy Produce Account runs into deficit. Most wartime backlogs of construction work overtaken. Export prices falling—overseas reserves low.
Import controls brought into full force.
Overseas assets down to £53 million in usually high month of June.
P.A.Y.E. taxation introduced.
Considerable increases in indirect taxation.
End of electric power restrictions.
1959 Revised trade pact gives right to reduce preference margins on New Zealand imports from Britain.
1960 Labour Government defeated in November elections.
1961 Britain seeks entry to EEC. Court of Arbitration instructed to take productivity into account in fixing wages.
New Zealand agrees to a system of quotas for entry of butter to British market. Bank advances expand rapidly.
1962 Cook Strait rail-ferry service commenced with Aramoana.
1963 Britain's bid to join EEC fails.
1964 Work starts on Cook Strait power cable.