LABOUR POLICY.

Manawatu Standard, Volume LV, Issue 304, 21 November 1935, Page 9

LABOUR POLICY.

LEADER AT HAMILTON. Per Press Association. HAMILTON, Nov. 21. Speaking at Hamilton last night, Mr M J Savage met with an enthusiastic hearing from a packed audience. He said it was the intention of the Labour Party to control currency and to make an intelligent use of the public credit of the country. It did not want to destroy the savings of the people ; it wanted to protect those sayings. 1 here was £50,000,000 invested in the Post Office Savings Bank, but if there was a run on the bank it would only be able to uav 2s 6d in the pound. 1 lie bank was thoroughly solvent. As things were one pound drawn out was only wortlu 16s Id as compared with the par value of the pound. If the 3s lid were multiplied by 50,000,000 it would be seen how much the depreciation equalled. , , , . ~ Dealinir with guaranteed prices, Mr Savage said that Labour would have a revaluation of all securities in New Zealand. Butterfat prices would be based on the average of payments f.or the last eight or ton years. It it panned out at a shilling the party would begin at that. Mortgages would be adjusted on the same basis, and the party would see that there would be no foreclosures during the process of revaluation. If a man could not make a living -v.it of farming under normal conditions lie was at the wiong job.