ELECTIONS.

Press, Volume LXIV, Issue 19463, 9 November 1928, Page 18

ELECTIONS.

THAT LOAN. SIR JOSEPH WARD explains. BORROWERS WOULD PAY COST. W- —— V (riIESS ASSOCIATION TEMSORAM.y ff INVERCARGILL, November 8. ' 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 that Mr Coatcs had referred to the speaker's previous administration and had said at Otautau that he (Sir Joseph Ward) had "looked in for about five minutes in 1915. It was a fact that he had "looked in," but it was when he had been asked to take the portfolio of Minister for 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 ofnee no one else had ever conducted the linancial affairs of the country. He had raised £80,000,000 for pensions to soldiers and the families of distressed soldiers, etc. He had inaugurated a system of short-dated loans raised within the country. This conld not have been done by anyone else in that office. Sir Joseph went on to say that his opponents were suggesting that he was proposing to borrow £70,000,000 in one year. This was quito wrODg, and they, as well as he, knew that it would be impossible to borrow such an amount in one year or, if he had it, to lend it out in one year. Future settlers and many of the present settlers should have &n opportunity to secure money at 4} per cent, to enable them to stay on the land. People were being driven ©ff the land, and in very many instances this was due to their inability to obtain advances. Acceding to Government figures 13,000 people had loft the land during the last three years, and generally'this had been because they had been unable to make a living and were starving. It was the speaker s object completely to change this. 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. He declared that it was not intended to ask the country to provide one penny for borrowed money; the borrowers would pay tne cost. He would issue 4§ per cent, bonds for a term of 32J years. Invest- ' ors at home sent to London each year £400.000,000 of new money for investment, and be was proposing that New Zealand should secure a portion of tim capital. The Party was not asking for money for public works, antj, Su Joseph recalled tho fact that when he Jiad held office he had provided over £8,000,000 out of,revenue for building schools and other publio works, and he proposed to carry this out again. He would not suggest-the borrowing of any money fori publio wprks, and vhile he did not vfrish to stop' thes© being carried out, he believed that Borne at prlsent under way should not be gone on, with. It "Bras easy enough for the State to procure, money; He himself had procured £30,000,000 twenty or thirty years ago for land settlement. If that was possible tnwv vu it not possible to borrow £60,000,000 in ten years for putting thousands on the land when the unfinished railways had -been completed? Was it an exaggeration to say that jthe natural attractions of the country would bring pepple without foiled immigration? Twenty, fifteen, or even ten years ago people were continuing to go on to the land, bpt now the Government was letting them drift off: This country should to 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 th6ir'feet. So tar as the railways were concerned, the extreme amount required to complete' long lines was £ 10,000,000, which was included in the £70,000,000 loan feheme. Would there be any difference in the financing of the present unfinished railways* The railway between Cheviot and Picton could be finished in two or three years, yet the present Governnffcnt had not touched it. It was the same so far as the line between Gisborne and ,Napier was concerned. It only needed 22 miles more to. be constructed on the line which j wouldbring Taran&ki one day nearer Auckland. Did> anyone think that the traJ&eover that railway would require th#taxpayer to make up the deficiency! If the Government finished the railways they would provide for at least a fifth of their present employees by Using them on new lines. gir Joseph went on to say that he was proposing to create a different scheme of laud settlement from that carried out MJherto. In past,years nine or ten lArge estates had been cut up with great aneeess and were now providing a living for many 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 the freehold/ and money for the erection of tliomes at 4} per cent, would also be obtainable. At the conclusion of his speed), a rote of confidence was carried with very few dissentients. \ K MRS YOUNG'S STATEMENT

INCORRECT. (raws ASSOCIATION VUXQBAV.) WELLINGTON, November 8. The following statement has been Issued by the Press Association At her meeting held in Wellington on November.sth Mrs M. Young stated that the Waihi strike- was -engineered by Mr. Holland and Mr Semple. _ We have sftuce been informed that neither Jlr Holland nor Mr -Semple was jn, New Zealand at the time referred to, and we much regret- any inconvenience they may have been causgd by the publication of the statement.

OROUA. 7 (PBESS ASSOCIATION TXLBOBAU.) FEELDING, November S. Mr J. E. Elliott, Reform candidate, addressed an overflow meeting, and had & favourable hearing, though there was state heckling throughout. He generally supported the Reform Administration, particularly its humanitarian legislation." He claimed that the Keif orm Party were thfc true successors of the Seddon Liberals. He ridiculed Sir Joseph Ward's borrowing proposals, and the plan as "eat, drink, and be merry ana let posterity pay.' Hie candidate declared that he was opposed to the Bible in Schools Bill, that lie favoured a six years' licensing poll, issues, and a loaded majority, and that he favoured giving Maoris a vote on the' lionising question. A vote of thanks and confidence was •amedbyajargemajoriiy.