DEMOCRATIC LABOUR

Dominion, Volume 34, Issue 27, 26 October 1940, Page 7

DEMOCRATIC LABOUR

Mr. Barnard’s Address In Carter ton

CREDIT AND CURRENCY

Dominion Special Service. CARTERTON, October 25.

A vote of I hanks to the M.P. for Napier, Mr. Barnard, and a.motion of confidence in the party represented by him was carried at a large meeting in Carterton last night. Mr. Barnard spoke on tlie pledges of tlie new Democratic Labour Party, but pointed out

that: he could not give an ordinary political address, as lie was still Speaker of the Ilouse of Representatives, and this year’s sessions had not been concluded, but simply adjourned.. "Democratic Labour is pledged to the principles of democracy,” said Mr. Barnard. “Under it no political dictator may arise supreme above the principles of his party, no union boss may destroy or suspend the principles of a political party or an industrial uniqi_n and representatives of the people in Parliament may keep faith with them.” The Democratic Labour Party stood for the complete control of currency and credit in the interests of the people as a whole, continued Mr. Barnard. Borrowing at interest as the British and New Zealand Governments were doing simply meant a huge debt in perpetuity—a debt so huge that it could never be paid off. However, the use of public credit did not imply merely the use of printing-presses and paper. As with taxation, there were principles to be observed and limits which could not be exceeded. The problem was two-fold —to keep the issue of money and credit in step with production, and to do it without piling up debt at interest. The housing scheme was an example of using the public credit, through the Reserve Bank, to create an asset and an addition to the comfort of the people. Mr. Barnard said New Zealand could not afford to follow blindly and unthinkingly the lead of Britain, whose leaders during the past 20 years had taken the wrong course more often than the right one. “Even that great war leader, Mr. Churchill, has committed sad blunders,” said Mr. Barnard. “So, while we press on with the war, we must think and plan to meet the problems that become evident while, war is raging.

“Now is the time to study and plan to meet the vast changes in our economy and society that are surely coming, and unless we rise to the height of a tremendous opportunity, we may win the war but lose the peace, as we did some 20 years ago. In the future, New Zealand’s destiny will be determined in the Pacific rather than- in Europe. Democratic Labour believes in a policy of better understanding and closer co-operation with the Unitj. ed States of America.”