Labour ’determined’ to reduce interest rates

Press, 8 November 1978, Page 3

Labour ’determined’ to reduce interest rates

jPA Invercargill ■ The Leader of the OpposiI tion (Mr Rowling) has promised that people who trans- | fer their savings from places such as the Post Office to [private finance companies to get more interest would have their money protected•by a Labour government [when it reduces interest j rates. [ There would be a “staged I retreat” in private, interest I rates, possibly with six- : monthly "rests'” Mr Rowling i said. Labour was determined [ to bring interest rates down. I There was no reason why ; State lending rates should I not be brought back to 1972-

i 75 levels within the first [year of a Labour government. A reduction in private lending rates would take longer. _________

M Rowling, addressing a; crowd of more than 700 in; the 1100-seat Civic Theatre! in Invercargill, said there had been nothing more des-| tructive than the freeing of; interest rates by the Nat-) ional Government. “Hundreds and thousands; of families are being brought; to breaking point by thel deliberate actions of the) National Government,” he [ said. Some local bodies were paying 50 per cent of their outgoings on interest as a result of the Government’s actions. Mr Rowling was given an enthusiastic reception by the crowd and got a standing ovation from ail but about 20 persons at the end of his address. He was applauded 25 times in what journalists travelling with him described as his best reception! since he opened Labour’s; campaign in Palmerston i North. Mr Rowling gave a pledgei “as one South Islander to another” that a Labour go-, vernment would not allow the South Island to wither: “The drift to the north must not be allowed to continue.” He promised that Southland would qualify for the full range of regional-devel-opment assistance under a Labour government. Of the controversial closing of the Karitane home, which is a hot issue in Invercargill, he urged Southlanders to “keep up the fight.” He could not see why the need for the Karitane home was any less now than it was before. There had been an “in-' credible” lack of con-! sultation between those at; the top of the Plunket! Society and the community! and between the Plunket’ Society and the Health De-’

.[partment on the issue. i! Labour has high hopes of . [capturing Invercargill, won 1 i[for National by Mr N. P. ■jh. Jones in 1975. ’[ Standing against him is •[Mr A. W. Begg, a farmer, I who held neighbouring , iAwarua for Labour from ;[1972 to 1975, when he was ;jbeaten by M- W. R. Austin. J Mr Austin’s Labour oppo;|nent this election is Mr W. P. Devine, an insurance ; salesman and Gore Borough • councillor for four years. Mr Devine’s cousin, Mr J. ; Thomson, is standing for Labour against the Deputy ; irime Minister (Mr Taiboys) i in Wallace. ; Mr Thomson, a freezing- : works shepherd, has a i degree in political science, something he has in com- ; mon with Mr Taiboys and his National Alternative op- . ponent, Miss June Slee. [, ——-