Social Credit’s election policy announced

Press, Volume CXII, Issue 33063, 2 November 1972, Page 17

Social Credit’s election policy announced

The Social Credit Political League’s policy for the General Election this year does not promise benefits from the cradle to the grave, but it talks about beziefits for pre-school children and encouragement to local bodies in main centres to build crematoriums.

A major part of the party’s policy is devoted to finance, but it also says that if it becomes the Government it will introduce a bill of rights to limit the power of the Government.

If the league is elected, major parts of its policy will be: There wilt be a restoration to the people of ownership of their own credit so that they will be the ultimate and main beneficiaries of its use. A national credit authority will be established. It will determine the limits of the total volume of credit creation, the limits to be related to the value of the nation’s

production of goods and services. The authority will be charged with preparing statements on the national accounts, and will ensure that the income of the people equates the value of goods and services available.

Money required for government purposes in New Zealand, above that received from revenue, will be provided from the national credit account at the Reserve Bank interest free, and “where circumstances warrant,” debt free. Free-of-interest loans will be provided from the national credit account to local bodies for approved works. Internal government borrowing will be eliminated, and the internal national debt will be redeemed progressively. Normal business relations between the trading banks and their customers will remain undisturbed. Within the limits defined by the national credit authority credits will be issued through the banks at reasonable rates of interest sufficient to recompense the banks for their service. Post Office and trustee sayings banks will be maintained as repositories for the people’s savings. Full cheque facilities will be available. Savings institutions such as building societies will be encouraged to invest in private industry. Directives requiring a percentage of loan money to be channelled into government stock will be revoked.

The Trustee Act will be amended to enable trustee investments to be made in approved agricultural and industrial undertakings. A national investment corporation will be established to advise on avenues of investment, and those approved will be Stateguaranteed. Existing State trading enterprises will be converted to corporations.

Hire-purchase regulations will be overhauled to place interest rates on a day-to-day basis.

Compensating prices will be established on essential commodities and extended to cover a wider range of consumer goods without adding to taxation.

Legislation will be introduced to govern monopolies and take-overs. An anti-trust board will be charged with examining company aggregation. If it is shown that the aggregation of resources is necessary, this type of monopoly will be converted into a co-operative. Companies that cannot be fragmented will be subject to price control. An export credit account will be established for countries willing to reciprocate. There will be negotiations for an international clearing house for currency. There will be no borrowing from the International Monetary Fund. Taxation The personal exemption from income tax will be increased, as will the exemption for a wife or housekeeper. children and dependent relatives.

Indirect taxation will be reduced progressively. Death duties will be abolished on estates up to $40,000. Farms and family businesses passed on to immediate relatives will be eligible for an additional exemption of $40,000, provided the legatees continue to run the farm or business for seven years. The payroll tax will be abolished. There will be a revision of company taxation. Local bodies The present system of assessing rates will be phased out and replaced by a system based on land classification in the case of rural land and zoning in accordance with the town plan for urban land. A poll of ratepayers will be taken and a majority decision required before there are any boundary changes. A ward system of representation may be decided at a poll on a petition of 5 per cent of the ratepayers. Local authorities wishing to establish municipal composting plants will be assisted financially. Industrial There will be a scheme for employees to acquire part ownership of the capital of the industry in which they are employed. Unions will be encouraged to re-form on an industry basis. A margin of 33 1/3 per cent will be established between skilled and unskilled workers. Race relations The number of Maori seats in Parliament will be increased to seven. Waitangi Day will be a national holiday. Conservation Smokeless zones will be established in urban areas. Lake Manapouri will not be raised. Housing There will be 3 per cent State Advances Corporation loans. An ultimate aim is to exempt from stamp duty the first purchase of a house up to $BOOO. Finance for self-contained flats for age-beneficiary parents will be available up to $3OOO at 2 per cent interest, and $l5OO will be an interest-free suspensory loan. Foreign affairs The Government of the People’s Republic of China will be recognised as well as the Taiwan Government. The equivalent of the past annual cost of maintaining New Zealand operations in Vietnam will be spent on additional civil aid for the Vietnamese. Social security Pensions will be increased. A self-employed person will be able to draw a sick benefit without a means test. There will be a revised universal superannuation scheme incorporating the present age benefit, which will be paid at 60 for men and 55 for women. Universal superannuitants will have an annual travel warrant, be exempt from radio and television licence fees and from the telephone rental.

The widow’s benefit will be increased. The invalid benefit will be abolished and the sickness benefit expanded to include beneficiaries at present receiving the invalid benefit. A rehabilitation benefit will be introduced for persons wishing and able to overcome handicaps. Youth, sport The age of majority will be lowered to 18. Sporting teams will be accepted from countries according to their own laws. Broadcasting More television licences will be issued to regional broadcasting trusts. Education Clerical assistance will be extended to all schools. There will be no more than 20 pupils in sixth-form classes and 30 in lower-form classes. All teachers will receive a book voucher for $4O a year. There will be sabbatical leave for teachers. Bonding of student teachers will be discontinued. Independent schools will be granted a benefit “substantially equal” to the cost in State schools of teaching secular subjects. Parliament Elections will be under the proportional representation system. The Speaker will be a member of the judiciary. Law The Ombudsman’s jurisdiction will be extended to local bodies and public corporations. There will be further "antibugging” laws. A distinction will be made between “soft” and “hard” drugs. The law on homosexual behaviour between consenting adults in private will be repealed. Health Subsidies to private hospitals will be increased. The Health Department will be the sole importer of addictive drugs, which will be held under bond at public hospitals. Clinics will be established for the confidential medical and psychological treatment of sexual disorders. Agriculture Fanners will be paid at the internal cost of primary products. Co-operatives will be encouraged and their profits will be exempt from company tax. Transport A corporation will be formed to take over and administer the railways system. Tolls will be abolished on the Christchurch-Lyttelton road tunnel and the Auckland harbour bridge. There will be a full investigation of the advantages of a New Zealand-owned shipping line. Defence Compulsory military training will be abolished. High-speed, missileequipped patrol boats will replace the Navy’s frigates,