“CHILD BASIS OF MORTGAGE”

Press, Volume XCVI, Issue 28434, 14 November 1957, Page 16

“CHILD BASIS OF MORTGAGE”

“Degrading And Disgusting” (From Our Own Reporter)

TIMARU, November 13. The Labour Party was making “the birth of a child the basis of a mortgage.” said Mr A. J. Davey, M.P. for Waimate, and the National Party candidate for Timaru. in an election address at Pareora this evening. Eleven persons, four of them women, attended the meeting. It was “degrading and disgusting.” said Mr Davey. “They are making sacred things mercenary, and the women of this country won’t stand for the degradation of motherhood in that way.” The Labour Party had no team spirit, he said. “Each one is fighting for his own position. Mr Nash, was pushed by his own back-benchers into stating what it was proposed to do with the £lOO income-tax rebate promised for next February. “He knows he is economically and morally wrong.” said Mr Davey. “He said when P.A.Y.E. was introduced he would collect an additional year's tax—not remit a year's tax. He would collect two years in one, except that he would remit the first £lOO. That would leave £25 million in the hands of the people. The National Party has granted tax rebates over a number of years and our 25 per cent, rebate leaves £6 million with the people.” Mr Davey said the difference of £l9 million would have to be replaced by credit issued by the Reserve Bank to keep the Labour Party going until March 31 next year. “Then, taxpayers, look out!” he said. “That £lOO is a political bribe. “The Labour Party has also promised to capitalise the family benefit and make the £5OO fixed capital value available for the purchase of homes or payment of mortgages,” he said. “If all who qualified applied for the money, it would cost from £lOO million to £2OO million, but that’s not all.

“The people are being told they must insure their children. The premiums would be going out; no family benefits would be coming in, and what is more, no insurance company is allowed to pay insurance in the death of a child under 10 years—only the premiums are repaid, and the parents have to repay the £5OO without being able to recoup from the insurance company. “If these people are going to get money for nothing, it means that the people of New Zealand will get nothing for their money,’’ said Mr Davey, speaking on the Social Credit system.

“The Social Credit leader, Mi Wilfrid B. Owen, opened his address on the air the other night with a promise that would cost £100,000.090. but it’s quite easy. I suppose, for him to make these rash promises, as his party will I never be called on to fulfil them, ’ said Mr Davey.

That Mr Owen should promise to allow persons over 65 to earn £5 a week as well as receive £5 a week from the State, which would cost the country £100,000.000 a year, and in the next sentence say, “We don’t come to the electors with promises,” was “too ironic,” said Mr Davey.

Mr Davey quoted Mr Owen’s example of building a bridge with interest-free finance, and paying the money back out of revenue at 5 per cent, for the following 20 years. “I don’t know, and Mr Owen didn’t tell us, how a concrete bridge could produce 5 per. cent, revenue for 20 years—what utter rubbish,” Mr Davey exclaimed. “There are many projects that are non-revenue producing.

“They say they will repay the public debt —who owns it? You and I own more than half of it. and if they are going to repay it. they are going to pay back to the people £422.000.000. What are we going to do with it? It will have no value at all.”