LABOUR AND INVESTMENTS

Otago Daily Times, Issue 22738, 26 November 1935, Page 8

LABOUR AND INVESTMENTS

TO THE EDITOR. <j; lE —The avowed intention of the Labour Socialist Party is the control by the party of credit, currency, and investment. The candidates are very clear on this point, and also visualise a system under which no interest will be paid. This policy will hit the email investor very reriously. There are over 100,000 members in our friendly .societies averaging about £45 each, with over £4,500,000 invested. Our building societies have some 50,000 members and over £4,000,000 capital invested. Our savings banks have over 1,000.000 depositors, holding £60,000,000 on which interest is paid. There are other concerns handling the people's small savings and returning an income to the holders. Do the6e people realise that if the Labour Socialist Party obtains power the control of these investments will be taken over by the politicians out of the hands of skilled and reliable managers? Furthermore, if any of these friendly or other societies oppose the transfer ol control to the politicians they are iaced with the prospect of. being put in gaol and fed on bread and water! Yet this party professes to oppose dictatorship and talks of " the will ot the people"!—We are, etc., N.Z. Welfare League.