MILLIONS POLICY.

Gisborne Times, Volume LXVIII, Issue 10743, 14 November 1928, Page 6

MILLIONS POLICY.

G'ROWN WOULD GET BEST SECURITIES. OTHER MONEYS WOULD HAVE TO LEAVE THE DOMINION ! (Special To The Times). AUCKLAND, Nov. 12. Speaking at Epsom as to the United Party’s borrowing policy,, the Prime Minister said that, if Sir Joseph Ward’s suggestions- were adopted the Grown would get all the best securities and the investing public would get the. rest. The inevitable result of such a policy would be that the money in New Zealand ayailar(e for investment would leave the. country because of the higher rate °f interest obtainable elsewhere. The State haci a dutv to all of its citizens. 'The Government could not, and would not, make financing a State monopoly. Sir Joseph Ward had said he could get the money for public works out of surpluses, but he did not say how he was going tor get those surpluses. He had igaid he would reduce-'income ■ tax - and. Customs tax—that was he was going to decrease the .-national' reyenrie, > but, while he was reducing * that,-, and increasing the expenditure; he was-go-ing to have surpluses and provide more money for. subsidies to secondary industries and extend the humanitarian - services. ■■ He. could . get (the surpluses quite' easily ,by bringing l ack the maximum income tax .to 8/9 instead of the 4/6. to :■ which-it bad been reduced by the Reform PpHy and- by raising the Customs dues .ipstead of reducing them as Reform had done. “Quite the. art of financing a country is to- keep/everybody going and,every chanuel.,|or the now of money open,” the Prime Minister added. >•; ~ • '*■. •• V . ■