Nationalising Industries

Manawatu Times, Volume LIII, Issue 6551, 7 March 1928, Page 6

Nationalising Industries

Old political campaigners while pronouncing the speech of the Minister of Finance at Dunedin last week, as easily the best yet delivered during the recess, profess to be hugely amused ny Mr. Stewart’s denunciation of the State’s Intrusion upon private enterprise. “Experience shows,” the Minister is reported as saying, “that nationalised industries too often produce only deficits which mean adding to the burdens of the taxpayer. The profits which industry earns in private hands tend to disappear under the heavy hand of the State. Not only so, but the worker finds that under State ownership he has merely changed his boss, but not materially improved his status or conditions of work, while the capitalist who has been bought out with Government bonds enjoys a secure and guaranteed income, without the risk and anxiety of managing private enterprise.” The critics maintain that if the Minister really used these words he was actually denouncing the policy of the Government of which he is a most important member. Mr. Stewart and his colleagues have done more towards nationalising the country’s industries than any combination of Liberal and Labour ever have attemped. For the present his own political friends are not disposed to offer any comment upon the Minister's denunciation of Socialism.