THE UNITED PARTY.

Auckland Star, Volume LIX, Issue 268, 12 November 1928, Page 6

THE UNITED PARTY.

"There are only two parties in this country, Reform and Labour. A vote for a United party candidate is a vote for Labour." If Mr. Coatea made such a statement as this, as reported from Wellington on Thursday, the people o£ this land and the Empire are through with him. What serious consideration can be given to a Prime Minister who talks such balderdash? Sir Joseph Ward has set up a financial scheme commensurate with the needs of the country. But what has Mr. Coates proposed? Any man can pick holes in the best of workmanship, but it would take a better statesman than Mr. Coates to project a better scheme than Sir Joseph's. Knowing that, Mr. Coates is content to criticise, but dare not emulate, the greater man. The fatal, perhaps wilful, mistake made by critics of Sir Joseph's loan proposal is that they consider it in isolation, or not in due relation to other economic affairs. Suppose, as Mr. Coates claims, a five per cent loss would be suffered by re-loaning as Sir Joseph proposes, this loss "would be within the Dominion family; just as we are now suffering an internal loss by our railways carrying fertilisers below cost. This may be robbing Peter to pay Paul, just as we do with Customs duties, subsidies and other things. But, so long as the gain and loss are both within the family, and counterbalanced, the family as a whole is not impoverished. If re-loans at ldsses are inade for land settlement and development the amount of these losses exists as a national asset in the enhanced values, and the security of the loans is quite good; for taxation may be levied to recuperate the State Treasury, if necessary, when the enhanced earning power of property can well afford to pay it. It is by initial losses we are able to make ultimate gain. We should reap no harvest if we sowed no seed. J. G. HUGHES.