LEFT BOOK CLUB

Grey River Argus, 22 June 1939, Page 3

LEFT BOOK CLUB

ADDRESS BY MR J. O’BRIEN M.P.

On Tuesday evening, Mr J. O’Brien, M.P.,’ gave an address on two subpects to members of the Left Book y Club. 1 Mr Geo. Hill presided. Mr d O’Brien first dealt with the Left Book e Club, and the need for bodies or r>oy cieties of that kind, which are making available information which could not be obtained from the press, or the ordinary book sendee, except at prices s usually beyond the reach of the avero age man, and he could conceive of no f better or more pleasurable way of un- < derstanding books, than to read them r and then meet for a general discussion of the contents. The Left Book Club had been called a Communist organisation, but this was not „ so. Wherever and whenever radical thinkers had come together to try and improve the lot of mandkind, they had been called all sorts of names, t He could remember quite well, 30 to j 35 years ago, the Socalists were ac- . cused of every crime in the calendar,‘ - but now the people understand the ■ meaning of Socialism, and it would be ; useless for the Press to try to raise a scare by attacking Socialism today. Information of all kinds was always needed, but to-day the need of ’ the man in the street was greater , than ever, and the Left Book Club was giving that information to all those who were trying t o find the solution of the world-wide problems confronting them to-day. Mr O’Brien then dealt briefly with events in Russia, Germany, China, India and Can--1 ada, and the difficulty of obtaining accurate information, and said that things were different in some countries from what the Press said they were. Giving an instance of what had happened in the past, Mr O’Brien said: “How many men in the street knew that British engineers had fortified Gallipoli, and the engineers had said the forts were impregnable, that the forts were armed with Britishmade guns, firing British-made shells. How many people knew that the Lusitania was sunk with a torpedo made with British capital, and that while the war was going on, Vickers Maxim and other armament firms were making up to 200 per cent, profit, thia is the kind of informtion we want, and we want it before another Gallipoli and not gfter.” Mr O’Brien next spoke on finance, and again dealt ; with the war years, saying that in • August, 1914, the Stock Exchange and all the English banks closed their ■

doors. They had no money lett, and millions were wanted to carry on the war, so they went to tne Government, and the Government set up a committee of bankers and stock exchange representatives to advise the Govern-J inent what to do, and the Government followed the Committee’s advice. Tne British Government printed £350 millions of bank notes, better known as Bradburys, and gave these to the banks. Bankers, discount brokers, and merchants, sending goods to foreign countries, including Germany, were guaranteed against loss. Between August 4, the date on whicn the war started, and the finish of the war, all war debts contracted by bankers would be guaranteed ana added to the public debt. The banks re-lent to the Government at interest, the money the Government had created, but not just the 350 millions, oh no, they followed good strong sound banking practice and > 000,000, and the interest bill was £3a , millions annually. France went m for in nation and wiped out SO pei cent of her war loans, Germany did the same and wiped out 99 per cent of her war loans, but England, by going on the gold standard, made every 15s worth ol her war worth 255, and to-day, instead of N.Z sending 1 sheep and lib ol wool to nav our interest on our iOanssend two and a half sheep and 0 wool. To-day, Mr O’Brien said, these are the people who are doing all the crying, and wh o will do anything w wreck the Labour Government of New Zealand. He could remember ouite well two of his old friends in Queensland, Mr Theodore and Mr McCormick, both going to London for foanT, but because they represented Labour Governments, tneie vms no money in London for em ’ T a " e d Zealand Goveniment had made available about £9 millions for house buildino- but they had not gone to the banks to borrow it, and that crime It was a crime against we n Xnt banking system, to borrow money without paying interest on m to the trading banks. From 1919 to 1930, during which the Tory Party had been in power all the time, and during which there wew no war loans to be raised, the Nation al Debt of New Zealand had from £176 millions to £267 millions, or about £9 millions per annum During the same years P mortgages increased from £ll5 mi lions to £235 millions ,or nearly £ll millions per annum. Ovei the same period local body debt went from £22 millions in 1919, to £64 millions m ?930 an increase of £42 millions or nearly £4 millions per annum. Uncle, the same old Tory Party we went into debt at the rate of £24 millions each year. To-day we have a Public Debt of £282 millions. Private Debt £240 millions, Local Body Debt £6B millions, and a yearly interest bill ol £29 700,000. Vested interests appiauaed and said what a grand old world it was to live in, while the worker, starved, so that the interest could be paid. Mr O’Brjen concluded by saving that we do not want any more of that kind of finance, and as long as the people of New Zealand stood behind the Labour Government, there would be no more of it. A general discussion then followed, all 3 ou yngThe Chairman said he was sure war members and visitors woald with him that Mr O’Brien had given one of the most enjoyable and instructive addresses since the inception oi the Left Book Club, and had the people known that the lectures were open to the public, the hall would have been too small to hold the “sX hearty ° f thanks " as carried by acclamation, and Mr O’Brien assured members that he would be only too Pleased to give further addresses, as he thoroughly en joyed the discussion. Owiim to the many calls on his time Mr Pedrotti tendered his resignation as Secretary, which was accented with regret. Mr J. Scott was elected to the . position, and Mr G. Hill elected Chairman.