SIR JOSEPH WARD AND FINANCE

Dominion, Volume 22, Issue 75, 21 December 1928, Page 9

SIR JOSEPH WARD AND FINANCE

Sir, —I have read the contributions of both “Economist” and “A Digger” and I am bound to say that the story told by ‘Economist” is the truer tale. I only want to refer to one point in “A Digger’s" letter where he refers to Sir Joseph Ward’s financial achievements. Does he mean the issue of about thirty millions of 4J per cent, war bonds free of income tex, because if he does all I can say is that it was one of tile greatest financial blunders made during the war. The Reform Government recognised this and started buying in these bonds, but of course they are too firmly held by large financial institutions and wealthy men, who thus escape paying all taxation. A great achievement indeed —in the interest of the rich man. It would be safe to say that millions of money that formerly was advanced on mortgage on country land has been called in and invested in 4} per cent, free of income tax stock. I sneak of what I know, because my own mortgage comes due after the New Year, and in spite of the fact that for nearly twenty years interest at GJ ner cent, has never been a day overdue, the mortgagee, a very wealthy landowner, informed mo that he would not renew, as it would pay him better to nut the money into 41 per cent, free of income tax stock; end he added that he snnnosed the new Government would increase the income tax, so he thought ho hnd better withdrow his money when he could do so. Where I am to find the money in January heaven only knows. , We owe a lot to Sir Joseph Ward. Already he has put up wages in the country, and now he proposes to borrow millions locally and so put : the price of money up for the farmers. It is a great thing to have a “Wizard of Finance in charge of our affairs. In spite of all the talk about, unemployment, wages in the country have always remained high since the war. I hope “Economist’s” article to The Exporter” will be reprinted by all the papers in New Zealand because it is a true statement, carefully and accurately written, and it is right that, the truth should be known.—l am, e,^ WBOy December 18.