ECONOMIC TREND

Press, Volume CII, Issue 30287, 13 November 1963, Page 19

ECONOMIC TREND

“Country Soon Bankrupt” New Zealand was approaching a form of communism, Mr •H. Parker, the Social Credit candidate for Avon, told 24 parsons who attended his election address last evening Personal freedom and initiative were being stifled by increasing national debt—now about £ 1000 m—high taxes and rising living costs. Gradually and painfully, but very surely the country was drifting towards the same totalitarian forms of society which already enslaved a third of the world's population. At the present rate the country would soon be bankrupt. and this was just what Mr Khrushchev wanted

The economy at present was false, Mr Parker said Both National and Labour tried to buy prosperity by constant borrowing. In one year National borrowed £BlLm. Of this, only £26m was put to positive use. The rest went on servicing debts. The interest on this debt had to be paid, and so taxes inevitably grew. “If we are to preserve our freedom and survive, we must discard the outdated systems ■nd the governments of Labcur and National,” Mr Parker said. "We must move forward to a society that gives economic freedom as well as political freedom to all. and only a Social Credit government, with its monetary reform, lower taxes, lower costs of living and s’rbilisa'tion of the £ can give this to the people of New Zealand.” Record Claimed A Commonwealth record

had been set by Social C-edit in Alberta, he said Since it came into power in 1935 it had never been defeated there. In British Columbia it had also never been defeated—in recent elections there it gained four more seats. In New Zealand it could be even more successful. because this country was autonomous. It was not subject to a federal government.

•'Just as this country accepted overnight the principle of social security, which meant more money for those m need, so the acceptance of Social Credit principles would allow an up-to-date, efficient •nd intelligent monetary system to start operating the day after the election.” The present system was immoral and inadequate. The money was not inflated—it was the cost of goods which was inflated. The £ was depreciating at the rate of 4 per cent a year—"but they tell you to save. When you put £lOO into the Post Office at 3 per cent, you think you have £lO3 at the end of the year, but you have only £99.” Among immoral practices existing now were hirepurchase arrangements which put 5 per cent on to the value of goods. Organisations were inviting investment from the public offering irrerest of up to 8 per cent The money was used to finance hire-purchase systems, from which the organisations gained 29 per eent All this would be rectified bv Social Credit No social' security or income tax would be taken from anv person's earnings up to £520 a year.

Tourist Revenue So that the South Island would be given a fair share of tourist revenue. Social Credit, once in power, would immediately promote the development of Harewood as an international airport unlike the present Minister of Civil Aviation (Mr McAlpine) and the last Labour Minister of Civil Aviation (Mr Mathison). who had obstructed its development, although bothl heid seats in Canterbury I electorates.