COMPULSORY LOAN

Manawatu Standard, Volume LX, Issue 264, 5 October 1940, Page 6

COMPULSORY LOAN

FOR WAR PURPOSES. MINISTER’S ASSURANCE. (By Telegraph.—Special to Standard.) WELLINGTON, Oct. 5. “Every bit ot this money will be used Tor war purposes” was the emphatic assurance of the Alinister or Finance (Hon. AV. Nash) when lie concluded the debate cn the compulsory loan in t.he House of Representatives yesterday afternoon. He was answerin' 1 ' suggestions that part 61 the eight millions expected to be raised in this way would be applied to public works, and he had been asked by the Leader of tho' Opposition if he agreed with the statement of the Minister or Supply that money not needed for war purposes would be devoted to other needs. The Government, said Mr Hamilton, was borrowing eight millions when it only needed £3,630,000. “Every bit of this money will bo used for war i>urposes in this country,” interjected the Alinister of fimwould not submit to a 15 million compulsory loan for public works,” commented Mr Hamilton. The Alinister of Finance sought to emphatically justify compulsion in borrowing money for defence. ‘lhe eminent will not argue, but it will bo fair,” he said.. “If someone lias control of goods expressed in the form or money, and it is required for defence purposes, we are not going to argue with them for five minutes. AVe have to defend this country, and the only way is *to take the goods necessary, or transfer money into the necessary goods.” . . . Opposition members: No objection to that. Air Nash: All right. Then there is no objection to this loan. Air Kyle: How are you going to raise 15 millions for public works t The Alinister: Each in its turn will come, and the public will be asked to determine what they will do. . . Several Opposition members inquired how many taxpayers were liable to make compulsory loan subscription, and the Alinister stated that he believed the total was slightly over 18,(JUl> taxpayers, of which 15,000 were in* dividuals, and 3000 were companies.