UNITED LEADER.

Press, Volume LXIV, Issue 19461, 7 November 1928, Page 10

UNITED LEADER.

HIS MILLIONS SCHEME

REFORM CANDIDATE ASKS SOMfi QUESTIONS.

(PRKSS ASSOCt&TIdR TKLEGBAM.) INVERCARGiLL, November & Sir Joseph Ward's return to liivercargill this evening was the occasion for a remarkable demonstration at the railway station, Where he Was greeted by three bands and a cheering crowd of wildly enthusiastic citizens. The leader of the United Party received ft tremendous ovation as he stepped from the carriage, and It Was With difficulty that he was escorted to a waiting motor-car, from which he Bpoke for hboUt fifteen minutes.

Sir Joseph said that on Thursday night he would remove the existing delusions about the £70,000,000 loan, which he considered was the only way to get the country into a stablo condition. Those who objected to it were not friends of the people. From what he knew of New Zealand the United Party was going to be victorious. Sir Joseph Ward drove away to the accompaniment of further cheering. Mr S. Morell Macalister, Reform candidate for Invercargill, has issued the following challenge to Sir Joseph Ward: (i) 10 Bhow that there will hot be a large annual loss on the money to be borrowed for the State Advances Office, namely £60,000,000, borrowed on the terms he proposes, and lent out at 4$ per cent. (2) To show how he can make up even the loss admitted by hitn out of sinking fund payments and interest thereon, and yet have adequate sinking funds for the loan. (3) To say whether the sinking funds on loans for the State Advances Office should not be adequate to repay these loans on maturity'if such loans are borrowed for the Same term as the money is lent out for, seeing that the borrowers from that office pay sinking fund payments to the Government. (4) To show that his extraordinary suggestion that sinking fund and Interest should he taken into account in making up the loss itt the annual charges would not, if divulged to tondon investors, seriously damage the credit of the Dominion.

(6) To say whether, as what he terms sinking fund is to be available to mnk% \m I"sspr in nnnrnl phnrn-es such fvvft can in any sense be prdpfefly tailed a sinking fund.