'A step towards communism'

Press, Volume CXII, Issue 33063, 2 November 1972, Page 3

'A step towards communism'

(New Zealand Press Association)

TAURANGA, November 1.

“A step toward socialism and eventual communism,” is the comment of Mr W. B. Owen, the New Democrat candidate for Tauranga, on one of the Labour Party’s campaign planks.

The Leader of the Labour Party (Mr Kirk) gave his opening campaign address in Palmerston North last night. “Right at the end of his broadcast address last night Mr Kirk made a statement, the significance of which would be missed by most listeners,” Mr Owens said. “As I understand it, Mr Kirk said, in explaining where money would come from to finance the Labour Party’s election policy, that the ‘trading banks will be required to borrow from the Reserve Bank, and will not be permitted to create their own credit’.” Mr Owen said such a policy would result in the Government, through the Re-

serve Bank, owning the money supply. “This would be a most significant step toward socialism and eventual communism—the ownership by the State of the means of exchange. “The basic principle of socialism and eventual communism is ‘the ownership by the State of the means of production, distribution and exchange’.” Of these three, the most important and powerful was exchange, Mr Owen said. “With the ownership of exchange alone, the Government would control and eventually own everything and everybody. The rribney supply should be owned by the people—so New Zealanders beware,’? Mr Owen said.