CHARGE REPEATED

Gisborne Herald, Volume LXVI, Issue 20014, 12 August 1939, Page 5

CHARGE REPEATED

TERMS OP DEBTS

‘HARSH-UNCONSCIONABLE’

OPINIONS OF MR. J. A. LEE

ALTAR OF FINANCE

HUMAN FLESH AND BLOOD

(Parliamentary Reporter.) WELLINGTON, this day.

The reply of the acting Leader of the House of Representatives, the Hon. P. Fraser, to the repudiation interpretation placed upon the financialdebate speech by Mr. J. A. Lee (Lab. Grey Lynn), and the comment of the Leader of the Opposition, the Hon. Adam Hamilton, who at once agreed that it had cleared up the position, removed a keen thrill from the amendment episode within an hour, but this did not deter members of both sides from .debating the .subject from all angles 'throughout • yesterday’s daylight sitting.

; The interpretations placed on Mr. Lee’s speech varied according to the bench from which they came, though the Opposition speakers were unanimous 'in giving Mr. Fraser credit for stating the Government’s attitude towards debt obligations with the utmost frankness and with complete satisfaction to the country.

The central figure in the controversy listened nearly all day. Just before the division came on the amendment, which was defeated on a party division by 31 votes to 29, Mr. Lee gave his own version of the provocative utterances.

He remarked that he would, for the sake of the Opposition, speak with a little more deliberation than usual.

„Mr. W. A. Bodkin (Nat. Central Otago): And caution.

Deemed Complimentary

Mr. Lee suggested that, although his opponents had a remarkable gift of garrulity, they did not seem able to listen fairly and squarely when a statement was made.

“I have,” he said, “been described in this debate as a most sinister figure in our politics, a financial anarchist and a wrecker. If this is the opinion held by me in the citadel of those forces which would bind this country and make slaves of the common man and woman, I would consider these terms complimentary.” He went on to say that he was in no doubt as to the public response to ,his statement, for there were half a sackful of letters of approval. • Mr. Bodkin: That looks well for the prospects of the Left Wing.

Mr. Lee: He can talk himself hoarse about the Left Wing, but there are Only twp lobbies here.Labour will be found in the one which makes for progress.

What he had said was the truth, said Mr. Lee. There was no justification for the amendment, though he was pleased to stand for New Zealand while the Opposition stood for the foreign bond-holder. He repeated his opinion that the terms of the last conversion were harsh and unconscionable, because, he added, the Montague Normans were out to bring the Government to its knees.

Would Not Hesitate In the Great War, New Zealand gave more lives in Europe than Belgium, notwithstanding that it was the farthest removed from the conflict, but it was getting worse treatment to-day. Mr. H. Atmore (Ind., Nelson): The member for Hurunui (the Rt. Hon. G. W. Forbes), says that they are generous.

Mr. Lee declared that it had been been suggested that no member should use the term repudiation, but if prices were to fall catastrophically as in 1932 and there were people manipulating the financial • mechanism against New Zealand, and if it became again necessary to introduce slave camps and sacrifice human flesh and blood on the altar of finance, he would not hesitate to repudiate to save human flesh and blood. (Labour hear hears).

i Mr. Fraser: It would never arise. Mr. Lee: No. that situation will not occur when a Labour Government is in office.

Did Not Attack Budget

He had not .attacked the Budget, but the debt system, said' Mr. Lee. It appeared that the harsh terms represented nothing more nor less than a gun held at the head of a democratic Government.

“The whole idea of 4 he bondholders overseas." he continued, “is that the Labour Party shall be compelled by financial pressure to repudiate its obligations to New Zealand. There are many forms of repudiation and 1 would repudiate the foreigner before the New Zealander, but I said that if we did 4 he right thing we should meet our external obligations.” If it came to deciding between repudiating the British manufacturer and the foreign bondholder, he would stand for the manufacturer and the British worker. Mr. Bodkin: How would you deal with it?

Mr. Lee: Unless we ge* decent interest and long-term amortisation of our loans coming due, we cannot meet our commitments. “Cross of Gold” An Oppositionist: What will the Minister of Finance say? Mr. Lee: I believe that the Minister of Finance would agree with the whole of my statement, but not with some sentences or phrases skipped from their context bv some unscrupulous onoonents of Labour. Let me say again that I am not prepared, because prices fall, and because a harsh and unconscionable bargain has been made, to crucify the people of Nev) Zealand on the cross of gold. “He has merely tried to escape from his actions of two nights ago. Commented Mr. J. Hargest (Nat Awarua).

Mr. Lee: I went a bit further,

Mr j Hargest: Instead of repudiating

his statement, he hedges them round with verbiage. The amendment was justified, if only for producing the masterly statement of the acting Leader of the House, which would allay any fear in the minds of the people, said Mr. Hargest.

The division was then taken, and the House adjourned wi 4 h the main financial debate before it next week.