INTERNAL LOAN
No Compulsion Intended
A suggestion that the proposed internal loan to meet capital expenditure on public works was likely to be compulsory was denied yesterday 'by the Prime Minister, Mr. Savage. He said that compulsion was quite unnecessary in a place like New Zealand. Mr. 'Savage said that the Government’s monetary policy was to use the savings of the people, plus public credit, for the development of New Zealand. His opponents had used it against him when he talked about using the people’s savings, alleging they would ibe commandeered. ‘•But mv opponents knew better than that,” said Mr. iSavage. “We will borrow the people's savings and pay a decent rate of interest, and their investment will be as safe, and perhaps safer, than overseas. I know the people who are prepared to get a scare going because of the Government’s policy, but it is a curious brand of patriotism the same people have been indulging in within the last few weeks."
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Bibliographic details
Dominion, Volume 32, Issue 65, 9 December 1938, Page 10
Word Count
163INTERNAL LOAN Dominion, Volume 32, Issue 65, 9 December 1938, Page 10
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