TO ABOLISH INVESTMENTS.

Evening Star, Issue 22031, 17 May 1935, Page 6

TO ABOLISH INVESTMENTS.

TO THE EDITOB Sir,—Seeing that the New Zealand Labour Party has the same official objective as the Socialist Party in England it is important to know how this will be put into operation. To judge by the speeches of some of its members one aim is to control investments. This has been definitely declared in England. “ The State,” it is said, “ must take control of investments out of private hands and create a national investment board to mobilise capital in accordance with 1 its Socialist economic plan.” Mr Herbert Morrison, one of the leaders of the party, declared that it will make a clean sweep of investments as soon as it has taken over the banks and big industries. Amongst investments which are to bo taken over by the State iu Great Britain arc £3,000,000,000 in the savings banks, building and friendly societies, and other thrift agencies. This huge sum represents the savings of over 15,000,000 people of the smallsalaried and the tvage-earning sections of the community. The money is invested in various ways by the societies to earn interest for its owners. Thus the Socialist threat to take over the control of all investments will seriously affect the rights of over 15,000,000 small investors. It will take away their rights to invest their savings as they think fit. The same would presumably apply to New Zealand, where the small savings amount to a considerable sura. —We are, etc., New Zealand Welfare League. Wellington, May 15.