SOCIALISING FINANCE

Dominion, Volume 15, Issue 195, 15 May 1922, Page 9

SOCIALISING FINANCE

LECTURE BY N.S.W. MINERS’ SECRETARY. Some advice "was given to Labour by Mr. A. C. Willis, secretary of the New South Wales Miners’ Federa-. tion, in an address to a large audience at the Paramount Theatre last night on “The Coming Struggle a Policy for Labour.” The struggle lie referred to, he said, was due to the capitalistic system, developed to such an extent that .the whole affairs of the world were in a limited number of hands, of those who controlled finance. Even if a Labour Government were returned to power, it could not move outside the circumscribed area, if it chose to attempt to administer the country on the present system. When the late Mr. John Storey was returned with a Labour Government in New South Wales, ho was forced to summon and convince ?. meeting of leading bankers before he could Vp laran<^ee that he would be able to carry on the Government. Mr. Hughes, Prime Minister of Australia, made the statement that all Governments were, in an impersonal sense, in the hands of the financiers. If there was anything international in principle and scope, it was finance. The condition of the miners of South Wales was lower to-day than .eight years ago, as a result of the policy of reducing wages, in order to recover lost trade. It was the same in South Africa and America. In Australia there was now an attempt to reduce miners’ wages by 33 1-3 per cent. If thoe Labour Party was to be of use. the first thing they should do was to liberate themselves from the vicious circle of financial international creditors, and replace them by tho representatives of tho people. “The Now Zealand and the Australian Labour Parties have no£ the courage to say what is true, but I will. You, will have to get down to the question of financial credits. If it was your only election cry, the amount of educational work you would do would fully repay you, even if you did not return a single member. (Applause.) Under the domination of the financial junta in Australia, the small factory owner is as much a victim as tho worker of the capitalistic system, but ho would sooner die than admit it.” There was too much timidity in the Labour ranks. Running un and down with a red flag gained nothing; thev should aim at the socialisation of finance, and the emancipation of the workers! from wage slavery.