THE LABOUR CANDIDATES AND INTEREST RATES

Otago Daily Times, Issue 21940, 29 April 1933, Page 15

THE LABOUR CANDIDATES AND INTEREST RATES

TO THE EDITOR. Sir, —The policy of reducing interest on Government and municipal'nonds has by the Dominion Government' been deemed a patter of expediency, and, the, wage-earning owners of these securities., have been forced to bow to the inevitable. The accruing damage to the integrity of public finance in the Dominion will riot pass away in this generation, and, whilst the powers that be may protest that the policy was; under existing circumstances, 1 reluctantly forced upon them, no possible excuse can be found for the malicious attitude fostered by Mr Holland and his followers as to the payment of interest. From the very inception of the" depression, the Labour Party insistently and openly advocated severe reductions in all rates of interest, Mr Holland heartening them up by openly declaring the interest is “something for nothing”■;? and now we find a “ ticket*” of 12 alleged representatives of. Labour tendering their services pledged not only to do away with interest but to secure control of the means of production, distribution, arid ex~ change—or, spelt another way,' confiscation of private property. Now, then, is the time for the holders of municipal bonds, numbering approximately 1700 in j Dunedin and environs, t 4 emphasise,their objections to the treatment recently ’ meted out by refusing to vote for any Labour candidate for seats on the City Council, thus giving these men a .timely '' reminder that a crafty policy of rapine, deliberately conceived aha assiduously supported, makes no appeal to the many thrifty hundreds in possession, of City Corporation securities. —I am, etc., Dunedin, April 27. Thrift.