Confiscate Interst!

Mount Ida Chronicle, Volume XLV, Issue XLV, 4 August 1922, Page 4

Confiscate Interst!

_ "Barefaced Repudiati p." Mr Purr on Labour's Policy. (Sun's Parlamsntary Reporter.) Wellington, July 14. "This means that Labour claims that to bring the finances of the Dominion right, the proper thing to do is to confiscate the interest on the war dept, and to deprive owners of debentures of their dividends." That statement waß made by the Hon. C J. Parr (Minister of Education), in the House »f Representatives this evening during his speech to the amendment of the Leader" of the official Latoor Party (Mr H. E. Holland. Mr Parr was drawing his conclusions from an article published in the j "Maoriland Worker," which he read.

His reading of the article was punctuated by volleys of "Hear! Hear!" from Mr Holland. "If that be so," said Mr Parr, "it is barefaced repudiation, and I want to point out bow monstrous a thing it would be." Mr Holland: A terrible thing for the usurers. Mr Parr: A terrible thing for many small people. What about the Post Office war bond 9? Amounts as well as £5 and £lO were taken along. The policy of the Labour Party is— Mr Holland: To make the rich men pay, instead of the poor men. Mi Parr (continuing): No to reduce the State expenditure, but to follow this extraordinary and unheard of idea of robbing the people who brought money for the service of the State during the war. The bon. gentleman does not repudiate the published remarks. Mr Holland: Certainly 1 won't repudiate them, but you are placing your own interpretation on them. Mr Parr: We shall see what it looks like in cold print to-morrow, and whether other people put the same interpretation on it as I do. Mr Holland: Confiscation has always been the cry of the privileged class.

Mr Parr: Mijjbt I ask what trust would be placed in a Government thai would do such a thing? Conditions would be the same "as in Kussia. Mr Holland: Rufpia never repudiated debt belonging to the Russian people. (Laughter.) Mr Parr: We don't want to be reduced to the financial morality of the Soviet. If Labour brought that policy into effect next wesk, it would have to borrow money, aDd where would it get it? What reception would such a Govprnment get? Mr Holland: Labour's policy is anon borrowing policy. You can't get away from the idea of living by taking in your own washing. -Mr Parr said, in conclusion, that the leader of the Labour paity had failed to establish his case.