THEORY AND PRACTICE.

Hawke's Bay Tribune, Volume XX, Issue 71, 7 March 1930, Page 9

THEORY AND PRACTICE.

(To the Editor.)

Sir, —Anti-Socialists have always wondered at the persistence with which Socialists ignore cold facts, when enlarging on their theories. Socialism in one form or another has been tried repeatedly and its record is a record of failure. This is chiefly due to a disregard for the natural instincts of humanity and an ignorance of economics and realities of every day life. In the face of this it is instructive to see how completely the Socialist leaders in England have changed their tune since assuming office.

Mr. Thomas recently told his followers frankly that “we found that the difference between the platform and the board-room, is the difference between the impractical and the practical.” He said this in a discussion on nationalisation, on which the whole Socialist programme is based, and which he strongly advocated prior to taking office. As a comment "Forward,” an extreme

Socialist publication, quite fairly points out that “If nationalisation is ‘impractical’ and the last Labour Government realised that, then the whole Labour platform is based on fake pretences.” The paper aisi re minds him that he supported the theory that the "nationalisation of the entire railway system was a first essential.” Since assuming office, however, Mr. Thomas has never ceased to stress the fact that increased priyate enterprise is essential to cure unemployment and has gone so far as to propose a policy of State subsidies to increase its activities. In his Writings and speeches Mr. Snowden also was strong on nationalisation. Now in an article to the “Daily Herald,” the official organ of his party, he says that he "would like to see the word nationalisation banished from the Socialist vocabulary —it is a crude notion —Can you imagine Parliament.” he asks, ‘‘run ning public owned land, coal mines, railways, transport, shipbuildings, iron and steel and banking? Office and hard facts have evidently made him see the absurdity oi the published platform of his party, and of the promises which resulted in their success at the elections: indeed it is only 18 months ago that Mr Snowden was advocating the nationalising of the Bank of England, which now he admits is a crude notion.

In October, 1928, at the party conference at Birmingham, Mr. Snowden

to support his policy of nationalising the bank said: “One Saturday night, about eight years ago, trade was booming. There was no unemployment. A new financial policy was suddenly adopted, the bank rate put up to 7} per cent.; on Monday 2,000,000 men were out of work and trade at a standstill.”

The following October (1929) at Brighton he rather took the wind out of the sails of members of his party who were looking upon a rise in the rate as a heaven-sent excuse for the failure of the Government’s unemployment policy and a valuable weapon for attacking capitalism.. He said "It is never wise to attribute any result to one cause,” and he showed that since the bank rate was raised in February the number of unemploment has fallen by 200,000 and exports increased by eight millions. Mr. Snowden, taught by experience, explained that “a rise in the bank rate is to restore unfavourable exchanges and regulate the basis of credit”—he also added, "the fact remains that British banks are preemient in the world for soundness,” and explained to his followers that the bank rate, as declared by the Bank of England does not and never has affected the industries of the country.—Yours etc., ‘ N.Z. WELFARE LEAGUE.