MINISTER EXPLAINS WAR LOANS REFERENCE.

Horowhenua Chronicle, 28 November 1929, Page 7

MINISTER EXPLAINS WAR LOANS REFERENCE.

SIMPLY STATED FACT FOR PEOPLES’ BENEFIT

SOCIAL SERVICES STARVED,

Received Wednesday 10.30 p.m. LONDON, Nov. 27

The War Minister, Mr Thos. Shaw, in explaining his reference to war loans, told the Daily Herald: “Everyone knows we borrowed in a time of inflation and wc are now repaying in money greatly higher in value. 1 was simply stating a fact. It may not be possible to undo the evil now, as any attempt would do more harm than good, but I am tired of people who protest every time a million or two is spent on vital social services and yet ignore the fact that hundred--of millions are distributed through policy which pays for inflated iiiomn at deflated rates. ”

The Stock Exchange is not alarmec at Mr. T, Shaw’s statement in th House of Commons. It considers tha 1 the Government would only attempt G reduce the interest rate by legiCmat means such as voluntary conversions.

The prices of practically all Govern ment stocks opened lower to-day, bein’ marked down as a precautionary mens uro to prevent sales by nervous holders Five per cent, war loan, to 'which i was obvious that Mr. Shaw referred fell 3-lGths to 99J.