VARIED OPINIONS

Hawera Star, Volume LIV, 21 February 1935, Page 7

VARIED OPINIONS

LABOUR POLICY CRITICISED

ABUNDANT MONEY AVAILABLE

NO FEELING OF CONFIDENCE

'By Telegraph—Press Association.) WELLINGTON, Feb. 20. The second reading debate on the Mortgage Corporation Bill was resumed in the House of Representatives r to-day by Mr \V. A. Bodkin (Co., • Central Otago), who attacked the Lab- * our Party’s policy to assist the farj mer. He said Labour, one r of its pamphlets,-' would increase the ’ exchange rate from 125 to 150 per ’ cent. That was a bid to secure the ( farmers’ vote, but how could the working man’s wife balance her budget? The working man was overlooked. He alleged that Labour’s policy was a i direct attack on the savings of the , people. The Minister of Finance, continued ' Mr Bodkin, was faced with the problem of securing money, and he had to gain the confidences of the investor. If the farmer were to dictate the terms it would make it impossible for the Minister to get the money. i Mr W. E. Parry (Lab., Auckland Central) said the Bill was only a duplication of Acts already in existence.* Every time a section of the people was in difficulties the Government passed some law in an endeavour to show the people that it was trying to handle the position, but it was just window-dressing. The whole proposal was simply to borrow their way out of debt. It was merely postponing the evil day. He wanted to know where the thing was going to end. The Government was handing over the departments to boards. The State Advances and Railways Departments had gone and broadcasting had gone. Highways and unemployment had also been handed to hoards. Mr AY. A. Veiteli (Ind., Wanganui) said the Bill went too far. He thought a Bill that contained such vast changes in the existing order should not be passed within a few months of a general election. The matter should be submitted to the people. He considered New Zealand should build on the experienc of other countries rather than indulge in a new scheme of reconstruction for the whole monetary system. There was abundant money awaiting investment in New Zealand. What was wanted was confidence and the feeling that investors would be leftalone after they had sunk their money. He contended that a search should be made for further markets. Doubtful and safe assets of the Government would be handed over to the corporation in such a way that the profits would go to the corporation ancl the losses would revert to the Crown. Mr A. D. McLeod (Co.. Wairarapa) alleged that the State Advances Department had been a plaything of political parties since its inception, and he did not except the Reform Party from that statement. In introducing i the present legislation the Minister of < Finance was making an honest attempt 1 to equalise tlie difficulties that exist- H ed between borrowers and lenders, ancl J he congratulated him on bis courage. Mr J. A. Lee (Lab., Grey Lynn) - said he could not work up much en- j ■ thusiasm about the Bill. J ‘ Air A. Stuart (Co., Rangitikei) said that as far as he could see the only direct- benefit from the corporation j would be received by the farmer wno J _ was unable to meet bis interest charges. ; The debate was adjourned and the ( House rose at 10.30 p.m. •