TOO MUCH BORROWING

Evening Post, Volume CXX, Issue 111, 6 November 1935, Page 14

TOO MUCH BORROWING

BURDEN ON TAXPAYERS

Excessive borrowing was condemned by Mr. W. J. Gaudin, Independent candidate for Wellington East, at Melrose last night.- ■ He pointed ■ out: that our National Debt of about £283,000,000 caused a tremendous overhead, half of our taxation going to pay the interest. He thought the time had come when they should cease to pile up debts for posterity, but should pay their way as far as possible. By this he did not mean that all borrowing should cease, for he recognised that often a loan was a good investment.

The candidate described the party system as "a bit of an anachronism," and quoted as proof of this the formation of "national" Governments in times of emergency. He believed that the time had come for a realisation that' New Zealand was changing from a purely pastoral country to an industrial one also. New Zealand had reached the saturation point in her exports to Great Britain and would have to seek new markets. She was'now facing brighter prospects not altogether because of what the Government had done but very much in spite of; what had. been done by- the ; Goyerrirnent," which made the mistake of levying'heavier taxes on falling incomes.

Farming was not New Zealand's only source of wealth, said Mr. Gaudin, and he quoted figures to show that secondary industries produced by way of national income about half as much as that gained from farming activities.

Forestry, housing, and the necessity for a national superannuation scheme as an antidote to unemployment and the fear, of want were other questions dealt, with by Mr. Gaudin, and he also referred to the threats offered to "shipping by foreign subsidised lines and by unfair, railway competition.

Mr. W. L. Edmanson presided over an attentive -audience, which, asked several questions, and passed a resolution of thanks to Mr. Gaudin at the conclusion of his address.