Riccarton Election Address

Maoriland Worker, Volume 12, Issue 293, 11 October 1922, Page 11

Riccarton Election Address

Mr. J. A. McCullough has issued an effective and pleasingly got up election address through the post to every house in the Riccartcn electorate. In this he inveighs against the power of finance, which is" now throttling industry throughout the country and bleeding the workers white, and he makes a complete aiid convincing case in favour of a State Bank monopolising currency, and aiding every useful economic development. : As showing how the wealth of the country is rapidly, falling into the clutches of a very small group of people, Mr. McCullough uses the following figures:— In 1914-15 the total income assessable for income tax.was £13,850,200, from 13,967 taxpayers. . .

In 1920-21 the assessable Income had increased to £48,606,887, and the income to 44,597. - In 1920-21 there were 395 company and persons having incomes oi er £10,000 per annum, and with a to'a! assessable income of £13,766,774, almost the total income assessable for income tax by the 13,967 taxpayers of 1914-15." Dealing with the position of the farmers and their increasing serfdom to the banks, financial houses and usurers, Mr. McCullough says: — "If a farmer has to pay more for the land he works, he has to carry a heavier mortgage, and this absorbs all the increased price he gets, for his produce. The capitalist and the money-lender reaps practically all the advantage. There were on 31st March, 1921, mortgages amounting to £209,----603,145. On this amount, the farmer arid his assistants must find the annual Interest. This Is the method whereby the whole increase In thevalue of their productions is filched by the financiers from the hard anrt overworked farmers. Our present land system not only permits It, but demands it. There were mortgages registered during the year amounting to £66,960,434, and paid off during the same period £ 29,464,078, showing an increase of £37,496,356 with a corresponding burden on the land owner." , - Several planks,; including propor tional representation, in the Labour Party's platform -are brightly dealt with, also 'fcooci propaganda, and Jack's honest and smiling countenance on the cover should be worth 2,000 yot*.». ./_■'.. V ":' ■