AT ANY PRICE.

Gisborne Times, Volume LXVIII, Issue 10728, 27 October 1928, Page 5

AT ANY PRICE.

POLITICAL BID FOR PUBLIC SUPPORT LANDS MINISTER ON , UNITED PARTY’S FINANCE SCHEME REFUSES TO BELIEVE IT IS SIR J. WARD’S PLAN. MUST BE WORK OF CROWD. OF . _ IRRESPONSIBLES (Press Association.) . MASTERTON, Oct. 26. “Ever since the dissolution of the Government in 1919”, said the Minister of Lands, the Hon. JA) McLeod, to-night, “it has "been quite evident to those giving more than a passing thought to New Zealand politics that little difference exists in the main political ideals and objectives between the Reform Party on tlio one hand, and the Liberals, alias the Nationalist,- alias the United party, on the other. There is just this difference, however, that at each successive election since that date the middle party with its ever changing name, makes extravagant offers from the public purse in the hope of gaining the Treasury benches.” “For seventeen years from the inception of the scheme until 1912, when the Reform party took over Itho reins of Government, tho total amount advanced to settlers, Workers and local bodies was £15,800,000” continued the Minister.; “and for sixteen years during which the present Government lias been in office, loans under all headings amount to no less than £43,186,000. Tho United Party in its new financial proposals promises that it will during the next eight of ten years borrow at 4$ per cent, at £95 for relending purposes at per cent., the sum of £80,000,000. Every actuary, accountant, and Treasury official agrees that such a scheme means a certain loss of not less than 10s per cent. This shows a progressive loss over the repayment terms running into many millions of pounds, which, of course, would have to be carried by the. taxpayers. As one who has always had a high respect for Sir Josejfii Ward and Iris onetime ability, I cannot believe that the proposal is of his own making, but is rather the proposal of a crowd of irresponsibles prepared to purchase political support at any price. “A perusal of Hansard for the past three years will show that it is full of criticism of the present Government’s borrowing policy. Every year Sir Joseph Ward, Messrs . Forbes, Veitcb, Ransom and others joined in a chorus that tlie Government was each year making the Dominion responsible for overseas borrowing, which it was impossible for the .country to carry.” LOWER. INCOME TAX AND INDUSTRIAL SUBSIDIES WHERE IS MONEY TO COME FROM? Referring to the advertised enlarged manifesto of the United Party, and how they proposed adjusting the income tax, “by a revision of the scale of income" tax, reducing the maximum amount, and: making the income equitable in its incidence ; the present high rate of company taxation will be reduced, and finally repealed”, Mr McLeod said the present maximum was 4s 6d in the £1 on the largest incomes both. individual and company. If tho income tax. revenue, approximately £3,250,000, is to be maintained (and this amount and more will be required if even one quarter of the gifts to the people referred to in the manifesto be distributed), then the maximum rate could only be reduced by increasing that on the lower and moderate incomes. The manifesto of the United Party had secondary-' industries to be encouraged by way of subsidies rather than by tariff protection. Who would pay the taxes for large subsidies required. Mr McLeod asked. The answer must be the direct taxpayer of the country. This enlarged advertised manifesto promised immediately several individual benefits which tlie Government said could only be instituted gradually, as the finances and soundness and stability of the country justify. UNEMPLOYED WORLD-WIDE As to unemployment ho said the Government was- being- Iblamed for - the existence, of a problem .which is world-wide. It could not be gainsaid that New Zealand was. affected to a lesser degree than any other part of the Empire in this , connection, and although that,statement- brought little comfort to those unemployed, it could not be said that the Government had failed to niake an honest endeavour to deal with this perplexing problem. Certain methods bad been suggested by the Opposition to meet the position, but to do what was asked would only mean tho perpetuation of the evil.