PAY AS WE GO

Hauraki Plains Gazette, Volume 53, Issue 32479, 13 September 1944, Page 3

PAY AS WE GO

VICTORY WAR LOAN SPEECH BY MR J. THORN REMINDER TO THE WORKERS 'Speaking on the Budget in the House of Representatives last Wednesday, Mr James, Thorn, M.'P. for Thames, made a reference to the Victory War Loan of £40,00 0,000 now before the people of the Dominion. He stated that up till March 31 last New Zealand’s expenditure on the war was £383,20W0. In the raising of this great sum taxation' had contributed £145y2i010,010*0 and loans within New Zealand and overseas £18'2',300,000. Nearly one-half of the money raised within New Zealand for the war had resulted from taxation. Mr Thorn said that taxation was the best way of providing the money to fight a war. It enabled us to pay for it as we go, and to the extent it was utilised it restricted' indebted'-

ness, and so minimised the problems of indebtedness. Subscribe From Savings Mr Them continued: “ If the entire cost of the war cannot be met by taxation without disturbing the country’s economy then it appears to me that the only, way to raise the remainder that is required, if inflation is to he avoided, is to borrow it from the savings and the present and future earnings of the people. ■“ It is not suggested that any part of the war loan shall be raised by the creation of credits by the banks, which credits would be an addition to spending power which is already in excess of the value of goods and services available. The idea is that the people should subscribe it from their savings and their earnings and so ease the pressure of expenditure in a market in which consumable goods are in short supply. Appeal To People

“I am confident that the people will realise their obligation in this matter, but I wish to appeal to people, hundred's of thousands of whom voted

for the Labour Tatty at the last elecition. I want to say two things to them:

“The first is that it is better for the economy and spirit of the nation that the loan be taken up by 500,000 people than by 50,000. The greater the number who subscribe, the more widely is the sense of responsibility displayed, and the better the effect on the stabilising of prices.

“The second is that the issues involved in this war do not relate only to the independenc of our own nation. They cover the question as to whether certain rights won for the workers by their forefathers, rights which are essential for the creation of a better life in the future, shall or shall not continue.

Actions of Hitler

“Just recall what Hitler did when he found himself in power in 1932. He smashed the trade unions, robbed the co-operative movement, trampled down Parliamentary democracy, gaoled and murdered many of the leaders of those movements. He let loose racial and religious intolerance in its most bestial forms. I have always said that if he was prepared to commit these crimes against his own people he would commit them against ours if he defeated us in a war.

“Surely the workers only need to be reminded ,of these things to be impressed with their duty in connection with this loan, and resolve that so far as they are able they will make it a success.”