GENERAL ELECTION

New Zealand Herald, Volume LXXII, Issue 22250, 26 October 1935, Page 15

GENERAL ELECTION

DEMOCHAT ATTACK

MR. HISLQP AT MOSGIEL CRITICISM OF BUDGET [nv TELEGRAPH —PRESS ASSOCIATION] DUXEDIX. Friday An audience of about 400 was addressed by Mr. T. C. A. Hislop, leader of tho Democrat Party to-night. After outlining his party's policy he said the Government was making many lastminute efforts to win popularity. A great number of death-lied repentances was now in evidence and many things were now being promised which should have been done during the past four years. He would like to warn people against the promises being made. Lt should be understood thoroughly that the Budget of Mr. Coates and his Estimates were the only true and reliable indications of the policy of the Government. They had laid down provisions for expenditure and estimates of revenue. Anything outside these could not be put into effect and no one knew it better than the Government. Schemes Not Provided For It was no use their saying that they would do this and that unless they had made provision for it in the Budget. They had not made this provision. If Mr. Coates now came along and said he was going to provide housing schemes, health and pension schemes, a milk scheme for all children, Mr. Forbes' library scheme and fulfil all the various recent promises made since the Budget was introduced, then he asked how was Mr. Coates going to find money to do it. It was remarkable that all these recent proposals had been made since the proposals and policy of the Democrat Party was laid down. The proposals made by Mr. Coates involved an enormous increase in taxation if carried into effect. The Democrat Party's proposals, on tho contrary, involved no increase, but, in fact, a decrease in taxation -Mr. Hislop said he would like to refer to the excuses now being made for the gross inaccuracy in Mr. Coates' last Budget. In that Budget he had estimated that there would be a surplus of £BOOO. Instead he got £1,600.000. He was thus £2OO out for every £1 ho had estimated to get. Disposal of Gold The excuse was now made that this extraordinary result was due to causes unknown and could not be calculated ' when the Budget was introduced. The principal excuse was that he did not know that he was going to make the immense profit on gold which he confiscated from the banks. Mr. Coates knew perfectly well when the Budget was introduced that he was going to get this money. Tho Reserve Bank legislation went through in October, 1933. Mr. Coates himself issued a pamphlet under his own signature in December, 1933, that set out exactly what the Government was doing in connection with taking the bank's gold. He had used the following words: " The Reserve Bank Act provides that the bank shall be paid £3 17s IOJd per standard ounce for i goid. They will lose nothing. Any profit which may be derived in future from the sale of the gold will be credited to the public account." He did not introduce his Budget until about eight months later. He then knew perfectly well that the profit of £1,250,000 was going to be made. It was clear that he had all the necessary material before him when he introduced the Budget to give an accurate estimate of revenue and expenditure. Instead of this being done, he gave an estimate which was £1,500,000 out. No greater example of gross inaccuracy and inability to forecast the future had ever been shown in any previous Budget in this country. A vote of thanks was accorded to the speaker.

MONETARY REFORM PLAN MR. SEXTON AT PUKEKOHE [from our own cor respondent] PUKEKOHE, Friday Criticism of the Government and the manner in which the national accounts were presented was expressed by Mr. A. C. A. Sexton, Independent candidate for Franklin, when addressing a meeting of electors in the Masonic Hall last evening. He claimed that the published Budget figures did not reveal the true position. The Auditor-General had had to complain that discrepancies between the published accounts and the Treasury books'still continued and his office was continuing negotiations with the Treasury with a view to having the position rectified. Mr. Sexton said his policy constituted a simple workable plan. It hinged on regaining control for Parliament of the monetary system. A sum of £500,000 would buy out the Reserve Bank and effect this. Control would be vested in a national credit authority exempt from interference by the Cabinet, but responsible directly to Parliament. The duty of the authority would be to take a national stocktaking of the annual value of goods and services available in Xew Zealand, including produce raised for export, and make credit available in a way that would ensure that the people would bo able to take advantage of the national ability to produce wealth. Over SO people were present at the meeting, which was presided over by the Mayor. Mr. C. K. Lawric. A vote of thanks to Mr. Sexton for his address was passed enthusiastically.

WESTERN MAORI LABOUR CANDIDATE'S TOUR [by telegraph—OWN correspondent] RAGLAN, Friday Jn tho past few days Herewini te Moananui Howera, the Labour candidate for tho Western Maori seat, accompanied by Tnwera te Wherowhero and Kio Tarawhiti, chiefs of the Waikato tribe, and Tame Poata and Hekiera Tamiliere, of the Ngatiporou tribe, has visited Maketu, Kawhia, Moko-Moko, j{akaunui, Haglan and Whatawhata. The candidate has been assured of solid support by the Waikato, Tainui and Waikato sub-tribes. The party is feeling the effe(;ts of solid campaigning, having travelled over .'WOO miles. Before the election the candidate proposes to visit all the main pas in the King Country, Taranaki and Wanganui districts.

SOUTHERN MAORI CANDIDATE - NATIVE LANDS OFFICER [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Friday .Mr. Te W hiti Love, an officer of the Native Lands Department, has been selected as the official National Government candidate for the Southern Maori constituency. He is tho son of a wellknown Petone resident and his family is connected with South Island .Maoris.