ELECTION CAMPAIGN.

Auckland Star, Volume LIX, Issue 266, 9 November 1928, Page 12

ELECTION CAMPAIGN.

A LIVING ON THE LAND.

MONEY FOR SETTLEMENT.

SIR JOSEPH WARD'S AIM.

LOAN proposals expounded.

(By Telegraph.—Press Association.)

INVERCARGILL, Thursday.

To an audience that filled the Municipal Theatre to overflowing, Sir Joseph Ward, Leader of the United Party, delivered his principal Invercargill address this evening. He spoke for nearly three hours, and was given a most enthusiastic reception and patient hearing, interjections being entirely absent. Outside the theatre there was a crowd of about 1500, who listened to the speech by means of loud speakers.

Sir Joseph Ward said Mr. Coates had referred to the speaker's previous administration and had said at Otahuhu that he (Sir Joseph) had "looked in for about fivo minutes in 1915." It was a fact that ho had "looked in," but it was when he had been asked to take the portfolio of Minister of Finance. He had accepted the portfolio, but had stipulated that not even the Prime Minister should interfere with his administration, and while he had held office no one else had ever conducted the financial affairs of the country. He had raised £80,000,000 for pensions to soldiers and families of distressed soldiers, and he had inaugurated a system of short-dated loanß raised within the country. This could not have been done by anyone else in that office.

Money at 4! Per Cent. Sir Joseph said his opponents were suggesting that he was proposing to borrow £70,000,000 in one year. This was quite wrong, and they, as well as he, knew that it would be impossible to borrow such an amount in one year, or if it were borrowed, to lend it out in one year. Future settlers and many of the present settlers should have an opportunity to secure money at 4J per cent to enable them to stay on the land. People were being driven off the land, and in very many instances this was due to their inability to obtain advances. According to the Government figures 13,000 had left the land during the last three years, and generally this had been because they had been unable to make a living. It was his object to change this completely. A few people who called themselves accountants and yet who would not come out into the open, had said the carrying out of the borrowing proposals would ruin the country. It was not intended to ask the country to provide one penny for the borrowed money. The borrowers would pay the cost. He would issue 4J per cent bonds for a term of 32J years. Investors at Home sent to London each year £400,000,000 of new money for investment, and he was proposing that New Zealand should secure a portion of this capital. "Easy For State To Borrow." The party was not asking for money for public works, and Sir Joseph recalled the fact that when he had held office he had provided over £8,000,000 out of revenue for building schools and other public works and he proposed to carry this out. He would not suggest the borrowing of any money for public works, and while he did not wish to stop those being carried out, he believed some at present under way should not be carried out.

It was easy enough for the State to procure money. He himself had procured £30,000,000 20 or 30 years ago for land settlement. If that was possible then, was it not possible to borrow £60,000,000 in ten years for putting thousands on the land when the unfinished railways had been completed T Was it an exaggeration to say that the natural attraction of the country would bring people without forced immigration? Twenty, 15, or even ten yearß ago people were continuing to go on the land, but now the Government was letting them drift off. This country should be able to absorb another 300,000 or 400,000 in the next few years, but the chief necessity for adequate settlement was cheap money, which would enable the immigrants to have something under their feet.

Finishing the Hallways. As far as railways were concerned, at present the extreme amount required to complete the long -lines was £10,000,000, which was included in the £70,000,000 loan scheme. Would there be any difference in the financing of at present unfinished railways t The railway between Cheviot and Picton could be finished in two or three years, yet the present Government had not touched it. It was the same as far as the line between Gisborne and Napier was concerned, while on the Stratford railway it only needed 22 miles more to be constructed to bring Taranaki one day nearer Auckland. Did anyone think that the traffic over that railway would require the taxpayer to make up the deficiency? If the Government finished the railways they would provide for at least one-fifth of their present employees by using them on new lines. Sir Joseph said he was proposing to create a different scheme of land settlement from that carried out hitherto. In early years nine or ten large estates had been cut up with great success, and were now providing a living for many I thousands of settlers. It was proposed to set aside 25 acres of land so that a home could be provided for anyone who wanted it. The money would be available at 4} per cent on leasehold with the right of freehold, and money for the erection of homes at 4} per cent would aIHO be obtainable. ' r A vote of confident*, was carried, with very few dissentients.