SAVINGS THREAT

New Zealand Herald, Volume LXXV, Issue 23057, 7 June 1938, Page 13

SAVINGS THREAT

REAL VALUE LOWEK RESULT OF HIGH COSTS FIGHT FOR PROTECTION [by TELEGRAPH—rRESS association] HAMILTON, Monday llie view that people with savings in banks or invested in bonds or mortgages should put up a strong light in protection of the purchasing power and exchange value of their money was stressed by the Leader of the Opposition, the Hon. A. Hamilton, in his speech in Hamilton to-night. Mr. Hamilton said he had taken out an estimate of private savings in New Zealand arid had found the total to be £'350,000,000, made up as follows:—In banks and deposit companies, £150,000,000; direct investment in Government bonds and local body debentures, £100,000,000; direct investment in mortgages, £100,000,000. Uiose savings, could lose their value or purchasing power in terms of the amount of gold or the amount of sterling which they could purchase. Indeed, the.y had suffered in those respects already as a result of actions taken bv tlio British and New Zealand Governments for defined purposes. Howe\ er, as far as savings were concerned, that depreciation affected only those "ho wanted to transfer their money or savings from New Zealand. The acid test for savings in New Zealand was purchasing power in terms of goods or property within the Dominion.

I My estimate of t!ie money which j has leit Now Zealand during the last two years is over £12,000,000," Mr. Hamilton continued. "It left not only because the owners knew that there was no chance of a decrease in the exchange, but also because they realised that the policy being pursued by the present Government would gradually destroy tho purchasing power of their interest and their capital. "Since this Government has come into office, the cost of living has gone up by about 14 per cent. That means that any person living on the interest on his savings has to pay £ll4 to-day for goods that cost £loo\vhen the Government came into office. That is how i savings are disappearing and it is not | an accidental happening. It is by design, to attain the Government's real objective—the elimination of capital or private savings and the abolition of interest. To those with some savings at stake, I say: 'Wake up, before it is too late.' " SUPPORT ASSURED ENTHUSIASTIC AUDIENCE AN ATTENTIVE HEARING CONFIDENCE IN THE PARTY [from our own correspondext] HAMILTON, Monday The Theatre Royal was filled to capacity to-night when the Leader of the Opposition, the Hon. A. Hamilton, gave a review of the present political situation before an audience of about 900 people, many of whom had travelled long distances to hear the address. Mr. J. F. Strang presided, and on the platform were Mr. W. J. Broadfoot, M.P. for Waitomo, and Messrs. A. W. Grant, A. S. Sutherland, J. M. Allan, W. S. Goosman, W. Sullivan and F. W. Doidge, candidates for other South Auckland electorates. In introducing Mr. Hamilton Mr. Strang said that there was a growing political consciousness on the part of the people, as was witnessed by the large audience present. He said that under the policy of the Labour Government the people were not their own masters, and if anyone thought otherwise he was the victim of a serious delusion. Mr. Hamilton was given an attentive hearing, although there were present obvious Government supporters, who interjected a good deal. A woman who differed from the speaker caused much amusement. However, Mr. Hamilton was given an enthusiastic reception and many points he made were followed by prolonged and hearty applause. At the conclusion he was accorded musical honours, the crowd singing " For He's a Jolly Good Fellow." The following resolution was moved by Mr. H. J. McMullin and carried with acclamation:—"That this meeting of electors from the electorates of Hamilton, Raglan, Waikato. Waitomo. Hauraki, Tauranga, Bay of Plenty and Rotorua thanks the Hon. A. Hamilton for his able and instructive address and for his outstanding services to the National Party, and pledges itself loyally to support the party and Mr. Hamilton as leader. It also desires to congratulate the nominated candidates and to assure them of the united support of the electors in tht> South Auckland district."