FINANCIAL POLICY

Evening Post, Volume CXXXVI, Issue 70, 20 September 1943, Page 7

FINANCIAL POLICY

MR. HERRING'S ADDRESS

The Democratic Labour candidate for Wellington North, Mr. H. E. Herring, speaking in the Webb Street Irall, urged the importance of implementing the one-time financial policy of the Labour Party, so-called, _ now thrown over by them and enthusiastically adopted by the Democratic Labour Party, which, he said, could fairly be called the conscience of the one-time Labour Party. "We believe in all the planks, but resent that one by one they are pried up and thrown away.' Mr. Herring extensively quoted Mr. Nash in the past, and eminent authorities from all over the world, including G. B. Shaw and Dr. Temple, all emphasising the prime need' to acquire full ownership and control of financial institutions. "Not my idea," said Mr. Herring, "except by adoption. -Radical thinkers everywhere subscribe to this view and it is imperative it should be done ere further disaster befall us."

The great, point was the possibility of using State banking facilities ta issue cheap money against a price index and thus stimulate expansion of production. New Zealand had able craftsmen and abundant resources,* and these brought in contact spelt consumable goods. It was contemplated that groups of workers would be assisted in co-operative ventures, but certainly all large-scale State enterprise would be financed in the way he had indicated. Only in that way "would the "juggernaut of debt finance". be arrested. ; Mr.."Holland, Mr. "Herring said," had adopted the same stand as Mr. Lee over man-power, and even the now warlike Mr. Fraser began to have his doubts. The meeting closed with an enthusiastic vote of confidence in Mr. Herring, with thanks for his address. The chairman was Mr. Green.