PUBLIC CREDIT

Evening Post, Volume CXX, Issue 124, 21 November 1935, Page 28

PUBLIC CREDIT

ITS USE BY LABOUR

EXPLAINED BY LEADER (By Telegraph—Press Association.) HAMILTON, This Day. Speaking at Hamilton last night,, the Leader of the Labour i'arty (.Mr. M. J. Savage), met with an enthusiastic hearing from a packed audience. He said it was the intention of the Labc 0: Party to control-currency and to :>UKe an. intelligent . use of' the pubnc credit of the country. It did not want to destroy the savings of the people.- It wanted to protect - those savings. There were £50,000,000 invested in the Post Office Savings Bank, but'if there'was a run on the bank it would only be able to pay 2s 6d in the pound. The bank, however, was thoroughly solvent. As things were, £1 drawn put was only worth 16s Id, (compared with the par value of the pound. If 3s lid were multiplied by 50 millions it would be seen how much the depreciation equalled. , Dealing with guaranteed prices., Mrl Savage said the Labour Party would have a revaluation of all securities in New Zealand. Butterfat prices would be based on the average of payments for the last eight or ten years. If.it panned out at a shilling the party would begin at that. Mortgages would be adjusted on the same basis and the party would see that there would be no foreclosures during, the process of revaluation: . If a man could not make a living out of farming 'under normal conditions he. was at the wrong job. '

A WISE POLICY

GOVERNMENT'S COURSE

Mr. V. E. Jacobson, National candidate for Hutt, addressed a meeting of over 400 electors in the Empire Theatre, Petone, last night. Mr. Scholefleld, the Mayor, presided. The candidate briefly covered the period from 1930 to date during which time, he said, New Zealand, like all other countries, had experienced what every statesman throughout, the world had agreed upon' ' as being the most severe depression ever experienced. He stated that the Government of the country was faced with some of the most serious matters and difficult problems that had ever arisen. The manner and order in which these had been dealt with and the excellent result achieved in consequence of the policy followed clearly showed that the country had safely emerged from: those trying.times and now had entered the present period under conditions which compared more than favourably with those obtaining in other. countries., The real issue which electors' had now to .'face and seriously . consider was a choice, hot between ; candidates but between the policy of the National Government and what was offered by the Labour Party. - Guaranteed prices, he said, would definitely react against progressive development, and must lead'to complete loss of personal freedom and the killing of private enterprise. It-was such a policy as advocated by the Labour Party that led to ruin and upset in Germany and' which had enabled Hitler to seize and hold power. Guaranteed prices and inflationary tactics and methods would eventually make it necessary to spend a small fortune on a postage stamp. "The savings of the people are invested in many different ways and all represent real value and worthy effort," he; said.; "All these would be. seriously endangered. The circulation of easy paper money which was not representative of real wealth, must decrease the value of savings invested or otherwise. This is what is offered' by the Labour Party. Give them your'vote and you' will definitely place your savings in jeopardy. Give them the opportunity and they will put in operation one of their latest but doubtful schemes called guaranteed prices, but which- is not guar anteed to work."

The candidate dealt at length with the different reconstruction measures put into operation by the National Government and showed how time had proved that these steps were justified. After many questions had been answered, a motion of thanks and confidence was passed without dissent.

SHARING WEALTH

MEANS OF PRODUCTION

Labour's policy for an equitable distribution of wealth was touched upon by Mr. C. H. Chapman, Labour candidate for Wellington North, at the Caledonian Hall, Sturdee Street, last night. The policy of the Labour Party, said Mr. Chapman, would, if put into effect, assure to all those who participated in wealth creation a fair and equitable portion of the wealth which they helped to create. * A voice: How arc you going to do that when the means of production are in private hands? Mr. Chapman: It will necessitate in many cases the removal of production from private sources. (Hear, hear.) One does not hesitate to say that, but with adequate laws we can assure to all who participate in production equitable sharing of the products which they have participated in creating.

■WAR PENSIONS

OMISSION FROM THE BILL

A special meeting ofsupportei% of Mr. J. I. Goldsmith, Democrat candidate for Wellington South; was held at Newtown last evening. Mr. A. M.' English presided. Mr: Goldsmith briefly addressed the gathering and referred \o the main objects of the party's policy. Referring to the War Veterans Allowance Bill, that tine preparatory draft of uie original Bill was prepared by the New Zealand Returned Soldiers' Association executive, of which he himself was a member. This Bill had entailed a tremendous amount of research and labour' on the part of the executive, who held frequent meetings during many months before it was ready for presentation to Cabinet for considera : tion. Much gratitude had been expressed to the officers of the Returned Soldiers' Association for this very finp work.

Mr. Goldsmith explained that while the Bill had proved a great boon to members of the New Zealand Expeditionary Forte' it unfortunately did not bring within its scope those who had served with the Imperial, forces, either on land or sea. He stated that he proposed to make every endeavour to have this corrected.

The proceedings concluded with three cheers for the candidate. ,

LIFE OF PARLIAMENT

"I anticipate that when the Labour Party gets into office it will- revert to the system of having an election at the end of every three years."—Mr. C. H. Chapman, Labour candidate for Wellington North.