N.Z. STOCKS

Evening Post, Volume CXXVIII, Issue 11, 13 July 1939, Page 7

N.Z. STOCKS

REPLY TO MR. WILKINSON

Dr.- D. G. McMillan (Government, Dunedin West), who was the next speaker, said that he thought he was voicing the opinion of all members of the House in saying how welcome Mrs. Stewart was amongst tnem. She was particularly welcome on the Govern- j ment benches. It was fitting, he j 'thought, that the women who had been j i elected to the House should be mem- I j bers of the Labour Party, because • i the party had always had a special j appeal for women by reason of its j policy. j Replying to comment made by Mr. j Wilkinson on the discounting of New • Zealand stocks in London, Dr. McMil- { lan said that British Consolidated { ; Stock at 3£ per cent, was at present) being quoted in London at £96 10s, ! or £1 10s less than the New Zealand i loan maturing early next year. If Mr. | Wilkinson's logic was correct, and it was not. that meant that the policy of the British Government was such that the investors had less confidence in it than in the New Zealand Government. On the question of taxation and the criticism directed at the Government, Dr. McMillan contended that the reason why taxation was going up was because the ability of the people to pay had been increased. } KARL MARX ON STRIKES. Dr. McMillan explained industrial unrest by quoting Karl Marx's statement that workers did. not strike during depression but during the period of recovery, when they became restless because they felt they were not moving forward as fast as their fedlpws. When a man was- building a house he did not complete every room at once but went from one to another, and the workers should remember that. The first strike' in history occurred when Moses was attempting to lead the Israelites out of the wilderness. They struck and remained in the desert for forty years until a new generation was raised and-Moses was able to convince them. A new generation would have to be bred in New Zealand, because the present one was so used to striking that it could not get out of the habit.

The debate was adjourned at 10.27 p.m. until 2.30 p.m. today.