TALK TO NATIONAL CLUB MEMBERS

Dominion, Volume 32, Issue 260, 1 August 1939, Page 10

TALK TO NATIONAL CLUB MEMBERS

Socialist Experiment At Interesting Stage SIGNS OF ITS FAILURE The great Socialist experiment was at an interesting stage, and from indications there were from time to time, it waJ going to fail, said Mr Macdonald, M.P. for Mataura, in a talk to the members of the New Zealand National Club at Wellington, following last night’s annual meeting. Mr. Macdonald said that the Government had retreated from its preelection stand in regard to finance and was making a belated return to orthodox methods —a sign of failure. It had campaigned on a platform which included cheap money and no overseas borrowing, but the interest rate bad risen by 25 per cent, and the Minister of Finance, Mr. Nash, was now completing loan negotiations overseas on terms that were not very successful and which might go harshly with New Zealand. To repay £16,000,000 in live years would not be easy. It would depend to a large extent on overseas prices. If these did not increase and enable New Zealand to pile up London funds, things would be difficult. The Government had one eye on the electors and was not making a determined effort to face up to its problems. It would soon have to take some action, which was unpleasant am. this was the true testing time for ary party. New Zealand’s problem in the next few years would be to learn to Live within her income; in the past few years she had been spending liei income plus reserves. It would be interesting to see Mr. Nash’s reception at the hands of the radical members of his party when he returned. Mr. Macdonald was thanked for Ins address. , The annual meeting elected these officers: President, Sir William Hunt; vice-presidents, Mr. C. IL Weston, KC, and Mrs. Gtiy Johnston; committee, Mrs. G. F. Stone, Miss Margaret Cooper, Miss B. Hope Gibbons, Messrs. G. Y. Berry, C. W. Budd, E. Grant Taylor, H. i. Graves. A motion of appreciation of the service given the club by Mr. Guy Johnston was recorded.