STATE STEEL WORKS

New Zealand Herald, Volume LXXV, Issue 23059, 9 June 1938, Page 17

STATE STEEL WORKS

Sir, —Being one with some knowledge of and experience in overseas steel works 1 would like to ask the Hon. D. G. Sullivan, the Minister of Industries, the following uqestions:— If a company, which proposed to sink £5,000,000 to erect and equip steel work at Onakaka, was floated (1) would the lion. Minister put any of his own money into it? (2) Would the other members of the Government, any of the rank and file of the Labour Party, or anyone else in the Dominion, invest their savings in such a scheme? 1 think we can safely anticipate that the answers would be "No." It appears that the Government, per medium of the Reserve Bank, has already conscripted some millions of deposit money held by the trading banks to finance one' or another of their uneconomic schemes. It seems to be only a question of time before this socialistic Government will commandeer the deposits held bv the savings banks. Now, then (with apologies to the Prime Minister), why should my life's savings be taken without my consent to help finance, at an initial cost of £5,000,000 this wildest of wild-cat schemes, which can only enable the Government to find employment for a few hundred men for a few years, after which this economically unsound scheme must collapse? It is high time that all, especially those who by thrift have put bv little savings for a rainy day, should realise just exactly what the Government's socialistic legislation means before it is too late. Old Smith.