LABOUR'S FINANCE.
MONET AND PATRIOTISM. MR. LEE EXPLAINS.
"We would organise the finance and credit within New Zealand and by and through the operation of a State bank would increasingly decrease borrowing abroad," said Mr. J. A. Lee, Labour candidate for Auckland East, when asked how the Labour party would borrow the money necessary for development. Mr. Lee said Labour would not borrow it in the manner suggested by Sir Joseph Ward whose proposals differed little from those of the. Government. Asked why the Labour Government in Queensland went to America for a loan, when they talked of British preference, Mr. Lee said that the Queensland loan was one of the cheapest ever negotiated. Not only did the Queensland Labour Government go to America, but the Conservative Commonwealth Government also raised an enormous sum of money in the United States. Queensland went to Uncle Sam for money when the hand of the British moneylender was raised against her. Quoting Sir Joseph Ward.
"Money knows no patriotism." Mr. Lee said -British moneylenders would sooner jret 7 per cent in China than 5 per cent in New Zealand." (Applause.)
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Auckland Star, Volume LIX, Issue 261, 3 November 1928, Page 13
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187LABOUR'S FINANCE. Auckland Star, Volume LIX, Issue 261, 3 November 1928, Page 13
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