NO BELIEF.

Auckland Star, Volume LXX, Issue 110, 12 May 1939, Page 11

NO BELIEF.

DEBT-FREE MONEY.

LABOUR PARTY DECISION. COMMITTEE'S SUBMISSION. (By Telegruph.—Own Correspondent.) CHRLSTCHURC'H, this day. Despite the urging of seven of its branches, the Labour party will take no action in the iftnue of debt-free money. A remit proposing the establishment of this principle was considered at the Raster conference of the party, but the Policy and Administrative Committee, of which the Hon. W. Nash wa«j chairman, wa« not impressed. "The remit implies the issue of credit or bank notes in a f'iim that will leave the receiver free of debt," states the report. "The enmmjtt.ee ha« no knowledge of any procedure that will achieve this end."

Provision for the Debt Extinction Fund' was proposed in another remit. The committee, pointing out that such a fund was already in existence, considered that no action should be taken other than a recommendation to the • lovernmetit to keep in mind the advisability of reducing the overseas debt on every suitable occasion.

Wi|>ing out the overseas debt by annual repayment of principals was proponed in one remit. The committee held the view that the remit as worded v ould imply repudiation of the contract undi.r which loan* were raised ov<!r»eie, and as this was contrary to the policy of the party, the committee recommended that the remit be rejected. Maximum Incomes. On the subject of maximum incomes, the committee recommended: "That the Government be requested to keep to the principle of the graduated income tax <>n the lines of a steeply graded tax on high incomes, but does not recommend the conference to agree to a fixed minimum." The rejection of a remit that no further external or internal loans be raised was recommended by the committee and adopted on the voices. A proposal referred to the Government for action was the limitation of interest on money lent to 10 per cent. The law at present allows up to 48 per cent if the loan exceeds £2 5/.

Regarding the proposal for the payment as of right to mothers and children of a share of the national wealth in lieu of including the amount in basic wage, the. committee reported that a partial provision on the line* siijjjrested was contained in the Social Security Act, and recommended that the Government be requested to keep the principle in mind with a view to increased benefits as the wealth of the Dominion expands.