FINANCIAL NAPOLEON.

New Zealand Herald, Volume LXV, Issue 20086, 25 October 1928, Page 16

FINANCIAL NAPOLEON.

A BORROWING BLUNDER. RETREAT FROM MOSCOW. MEMBERS WHO OWN SHEEP. Criticism of the borrowing policy of tho Government and the loan proposals of tho United Party was voiced by Mr. J A. Lee, Labour candidate for Auckland East, in an address to electors at the Parnell Library last, evening. Mr. T. Cartel' presided over an attendance which filled the hall. Mr. Lee said borrowing during the past few years had been excessive and had been followed by excessive taxation. Nothing better was offered by the United Partv, under the leadership of Sir Joseph Ward, who only promised a continuation of excessive borrowing. It was Sir Joseph who was responsible during the war for tho issue of £37.000,000 debentures, the interest on which was free of income tax. A Voice: The money was needed fo>the war. Tho Candidate: If we have got to give money tax free when the country is at war, it is not saying much for that type of top-hat patriot who stands on the corner and waves men away to die. Sir Joseph's famous £70,000,000 loan scheme was in keeping with his reputation as a financial Napoleon, the candidate said, but that Napoleon and his fol lowers were now on their retreat from Moscow." Numerous members of the United Party were afraid of their leader's scheme, and Sir Joseph had been explaining away his millions ever since be tnado the famous statement. Mr. Lee admitted that a certain amount of borrowing was necessary, but ho favoured borrowing as far as possiblo inside tho country. The Post Offico Sav ings Bank could be converted into a State bank almost overnight, with a profit to tho country. The candidate said the wealthy people in New Zealand, the successful "squat tors," bscaped taxation in an unfair man nor. The Hon. K. S. Williams owned 14,000 sheep, Mr. W. D. Lysnar 24,000. Sir George Hunter 17,000, the Hon. VV Nosworthy 14,000, and not ono of them paid a penny in income tax. It might bo only a coincidence that they were all members of the Government Party. "The New Zealand worker is one of tho greatest in tho world," Mi'. Loo said. "The prooi is that per head of population we arc the wealthiest country m the world. With sane and hqalthy administration a great future lies before tho Dominion." After his speech, Mr. Lee answered several questions, and a vote of thanks and confidence was carried unanimously. DETERIORATION OF LAND. ASSERTION REFUTED. REPLY TO MR. W. J. POLSON. [is V TEI.KGIIA I'll. —PRESS ASSOCIATION J GAKTRRTON, Wednesday. The Minister of Lands, Hon. A. D. McLcod, speaking at Pirinoa last night made tho following reply to tho attack of Mr. W. J. Poison, the Independent candidate for tho Stratford seat:— "Mr. Poison (returns to the attack with his usual adroitness, avoiding" tho issues. Since speaking in the Waikato some time ago I have stated time and that I will withdraw unreservedly everything I have said regarding the Farmers' Un,on participating as a union in party politics, provided I nave his assurance that certain organisers of tho union mentioned bv me are not, and have not been, in receipt of payments from the Dominion organisation during, say, tho past 12 months, when they have been actively working against Reform candidates in different parts ot tho Dominion. "Further, he persist in his stupid statement that 4.000.000 acres of land have gone back into fern and scrub and second grow th ■ during Reform's term of office, and ho now endeavours to wrigglo out of this untruthful and credit destroying assertion by-quoting newspapers. I have quoted figures from official sources on several occasions which prove his statement absolutely incorrect, and he now aggravates the position by making the bald and ridiculous assertion that 1,000,000 acres aro reverting annually. Sinco 1912 3,000,000 acres of unoccupied land have been added to the occupied lands of the Dominion, and of this 875,000 acres have been selected sinco 1917. ".Mr. Poison knows, perhaps better than anyone else, that this accretion was not made from cleared country or from land capable of carrying stock, but from land almost entirely fern, scrub or bush, and the fact that the area of this class of land has not materially increased shows that instead of holding back the position, taking the Dominion as a whole, has been well maintained. Yet Mr. Poison blindly persists in a statement which lias had a very detrfmontal effect by causing tho withdrawal of investment money from rural securities." TilK PUMICE COUNTRY. PLANS FOR DEVELOPMENT. [ liY TKl.liOn \I • 11. —OWN CORK ENI'ONDENT. I HAMILTON, Wednesday. An excellent reception was accorded the Hon, J. A Young, the Government candidate for Hamilton, at Rukuhia last evening. In his address Mr. Young said plans had been advanced for large-scale development of the pumice country in the interior of the North Island. It was also proposed to render financial assistance to snfidl land-holders living on the outskirts of towns, with a view to enabling them to keep cows, pigs or poultry. The candidate was accorded a vote of confidence. MR. ATM ORE'S POLITICS. UNITED PARTY LEANINGS. f lIY TKI.ECUtAPII. —PitESS ASSOCIATION | NEr.SON, AVednC3dity Mr. 11. At more, Independent candidate I'm- Nelson, addressed a crowded meeting at the Theatre I'oyal last evening. The speaker criticised strongly the Coates Administration and paid a great tribute, to Sir Joseph Ward, regarding him as the only statesman in Australia or New Zealand, and approving of his loan and railway policy. The candidate was accorded a unanimous vote of thanks and confidence.