“Compelled Savers Could Choose Form”

Press, Volume CII, Issue 30094, 30 March 1963, Page 21

“Compelled Savers Could Choose Form”

(Neu> Zealand Press Association)

OAMARU. March 29. “While the word compulsory may be obnoxious to some it is nevertheless true that a free society requires some degree of compulsory legislat’on.” said Mr E L. May. executive officer of the Liberal Party at a public meeting in Oamtru last night Mr May was referring to criticism made by the president of the Nari-mal Party (Mr J. E. Meadowcroft) of the Liberal Party's proposal to introduce a compulsory savings scheme for single people up to the age of 21 years.

It had been said that such a scheme was not compatible with a political party which claimed to stand for the maximum freedom for the individual said Mr May. “Would those who criticise compulsory savings also advocate the abolition of com-

pulsory education?” he asked “It needs very little imagination to realise the serious threat to our freedom if such a step were taken. “Compulsory savings are not designed to increase Government revenue to offset any loss through other reduced form of Government income, and it is intended that the form of savings shall be of a type the individual prefers. In order to create a wider field of choice, a Liberal Government would encourage the establishment of local, co-operative saving banks in any district that desired one. “Savings, if banks are com-

petitive. will enjoy a much better interest return, and rather than experience the past evil where interest rates have not even equated the loss in value, we will have the people's savings receiving the benefits of investment in productivity,” said Mr May.