SIR JOSEPH WARD AND FINANCE

Dominion, Volume 22, Issue 95, 16 January 1929, Page 13

SIR JOSEPH WARD AND FINANCE

Sir, —I am afraid “Cowboy” is very one-sided in complaining against Sir Joseph Ward mopping up local money, for Reform has raised thirty-two .million pounds locally since the war, with this difference, that Reform always makes insufficient of it available to the settler, and keeps the interest high, whereas Sir Joseph Ward, whenever he has had anything to do with the finance of the country, has always made sufficient available for settlement, and at a cheap rate to the farmer. “Cowboy’s” charge against Sir Joseph Ward that he as Minister of Finance in the National Cabinet made the money available for private mortgage scarce, and that he is now doing the same, will not hold water, for in the first place there was no shortage during or for some time after the National Ministry, and in the second place what shortage there is now is the fruitage of Reform policy, which (according to “Economist”) has produced heaps of money in New Zealand, and none for the land, although incidentally there is plenty for export. . “Cowboy” set put to eulogise Economist,” anil support his statements that “cheap money has been the curse of New Zealand,” and “that it scares private capital from rural securities, and drives it out of the country.” I challenged these statements., and the cheap criticism of Sir Joseph Ward, and pointed out that the latter was worthy of praise in that he has always in the past provided sufficient money for development, and at a reasonable rate. Also, through lack of this and general extravagance. Reform has put up the cost of production so that whereas in IJH, £52.000 000 was produced at a cost of £12.000,000, in 1927 £116.000 000 was produced at a cost of £41,000,000.. This has resulted in the producer having to eat into his capital to pay his way, so that whereas under 20 years of Liberalism the mortgage rose only from 124 to £2B per £lOO of capital value, W years of Reform rule mortgage rose from ±2B to £42 per £lOO of capital value.. Long live Liberalism, and Sir Joseph M ard.— 1 am ’ etc ” A DIGGER. Napier, January 11.