THE SOCIALIST PARTY

New Zealand Times, Volume XXX, Issue 6624, 14 September 1908, Page 6

THE SOCIALIST PARTY

‘ "THE POSSIBILITIES OF NEW ZEALAND” Mr F. T. Moore, a candidate for the Suburbs, spoke at His Majesty a Theatre last night on this subject. Ho dbided his subject into three sections---agricultural. industrial and financial. The agricultural possibilities, he maintained were b*vond computation, as our soil and climate enabled us to produce better foodstuffs and timber than other countries s and production was not scientific in the real meaning of the term. The industrial side of our national life was only in its infancy, and should expand until all raw material at present exported was manufactured hero. This would enhance its value ten times, give employment to thousands of additional people, and assist the agricultural development by giving it a larger home market. The third section was tho one on which the others depended absolutely, and that was the financing of j ffixem. Hb found the solution an a j State bank with solo right of note issue, convertible in. exchange for land values, gold or commodities, inconvertible in exchange for labour. This issue of notes was to be forced on the present owners of property, and could bo reinvested in the State bank ’at 5 per cent.; the difference between this rate and tlm profit the State could make being th« kernel of the scheme. He. contended that the discrimination of hanks to advance money at the present time wa* largely the reason for the prevailing lack of employment, and the frre issur- of eotes would overcome nil mich crimes. His scheme was adversely criticised at the close of his addre.es. but he maintained that >.it wn« round economic* My, practicable, ard that no possible loss could occur to the country in adopting it.