Untitled

Gisborne Times, Volume LXVIII, Issue 10730, 30 October 1928, Page 4

scoffed at as reckless and impossible by some people, it was really only commonsense when it was thoughtout. It could be borrowed at 44 per cent,, loans could be made with. an expense of 5 per cent., and a sinking fund of 1 per cent could lie established. The borrower would thus get his money at about 6 per cent, and it would be cheap money at that. The security offered would be the land which the settler had borrowed the money to work and there would thus be no likelihood of the Government losing on the loans. The Advances to Settlers scheme had been a huge success and Sir Joseph’s plan was to follow this out. The Dominion’s resources would be further developed and a wfeat deaf more money brought liere. Apart from all. that, Mr Glayton :-dded, there were mortgages under the Land Transfer Act totalling £24O,(XX),(XX). If Sir Joseph’s borrowing was carried out. the £60,000.UCO for the settlers could be used in liquidating that amount of mortgages, thus relieving the settlers of the fear of foreclosure. The money thus circulating would enlarge the scope of the people in every way. Companies could be floated which would give employment to the many youths leaving school who, at present, found no avenue of employment open to them. “Sir,, Joseph’s scheme,” added Mr Clayton, “would release more money to open up industries hejg: and would create a boom—but not a boom of "the borrow-boom-burst type-—for it is established on sound principles.'' Mr Clayton also dealt with the use Sir Joseph would make 'of the remaining £10,000,000 on railways, as in his previous addresses, also asserting that in branch lines of the railways last year a loss of £400,000 was incurred, but this was hidden away m the public accounts. “Mr Coates has been in power for three and a-lialf years now,” said the candidate, “and he lias followed a policy of thrift, but over twentythree millions was borrowed in the period, giving an average annual borrowing of about £6,778,000. This is little different from Sir Joseph’s proposal which involves £7,000,000 a year. Judging from Mr K. S, Williams’ remarks at Patutahi, lie assumes that Sir Joseph would trot away to London and return with a big bag of gold. No, Sir Joseph is a real financier, and he will spread the borrowing over ten years. All that money will be borrowed also With a sound policy as to how it will bo expended. *Mr Coates, however, borrowed on a principle of mistaken thrift and drift, x “I will not say much about the attitude of the Press,” remarked Mr Clayton, “but you will have all noticed their yellow press action of putting footnotes to letters and not permitting of a reply.” After dealing with land settlement on the lines of earlier addresses, Mr. Clayton added that the United platform also included provision for cutting up suitable blocks into 20 or 25acre sections which could be leased or sold to men who would work them as side-lines to their ordinary occupations. (Applause.) The speaker also replied to criticism of Sir Joseph Ward’s age as lie had at previous meetings. “The ideals of the United Party,” concluded Mr. Clayton, “are justice, equality and equal opportunity for all. I have teen put before you to bell the cat—for the sitting member is not acceptable; to all. When you go - to the polling place, think of the country first, whether the man you vote for is one who will do his best for the country, for the district and for yourself. Also think whether that man is a right-living man, both in public and private life, whether you could point him out as an example to your children. You have a great responsibility and you can push a man to the heights,. So think when you vote whether, if he scales those heights, you would then be proud:to say that you were one of those who helped to push him there.” No questions were asked the candidate.- ‘

On the motion of Mr. o'. Cody, a vote of thanks and confidence in Mr. Clayton was carried by acclamation.