THE LABOUR GOVERNMENT

Otago Daily Times, Issue 22741, 29 November 1935, Page 10

THE LABOUR GOVERNMENT

PLANS OUTLINED BY LEADER THREE-YEAR PARLIAMENTS GRADUAL REMOVAL OF EXCHANGE POLICY OF GUARANTEED PRICES (Per United Press Association.) AUCKLAND, October 28. An outline of Labour's immediate plan of action was given by Mr M. J. Savage in an interview in the quiet of his home at Heme Bay this morning. "An early session of Parliament seems likely," Mr Savage said. " Parliament will be summoned as soon as it is necessary. Several matters will require attention almost at once, even if there is no session this year. First and foremost, the unemployed can be assured of a happy Christmas.

"We want to help everyone who should be helped to have the ordinary decencies and luxuries of the Christmas season to which everyone is entitled," said Mr Savage. "We shall ensure that the necessary payments are made.

RESTORATION OF SALARY CUTS "The restoration of salary cuts will be undertaken at the earliest possible moment. I cannot say that they will be restored on February 1 or on any other date, but restoration will be made as speedily as possible—not 10 years hence. Of course, Parliamentary sanction may be necessary to effect restoration. It should also be understood that the Labour Government will be concerned not only about State employees —it has the interests of all workers at heart and will make it possible for workers to have their salaries and wages restored to a proper level. Pensions will, of course, be restored at once, and here again Parliamentary sanction will be required. "Our job will be to employ men on public works of such a nature that, when the work has been done and the money earned, we shall have national assets to show for the expenditure. I cannot say whether the present Government's £3,500,000 public works programme will be continued, as we shall have to draw up a schedule of work along the lines I have indicated. RAILWAYS PROGRAMME "The Gisborne railway will be completed, and there will be an investigation of the South Island Main Trunk line with a view to its completion. Personally I see no reason why that line should not be completed. Most of the railways stopped by the past Government would be economic propositions. We have nearly £6,000,000 sunk in uncompleted railways, and whatever we do the interest goes on. REDUCTION OF EXCHANGE "As soon as possible we shall begin a gradual reduction of the exchange rate. I realise full well that a sudden reduction or the removal of the exchange would not be in the interests of the country. A rapid reduction would ruin business and industry, and that is not our intention. As the exchange is gradually reduced, guaranteed prices will be introduced as an alternative to the exchange. BANKING LEGISLATION " I see no immediate necessity for any banking legislation in Labour's first session. It may eventually be necessary, however, to turn the Reserve Bank into a State institution, and if it is necessary to do so we shall not hesitate. We have the Reserve Bank, and our job is to make it a State bank. Had the last Parliament been allowed to vote on the question free and unfettered that is what would have happened, but Parliament was not given the opportunity." GUARANTEED PRICES Mr Savage was asked whether there would be a standard rate fixed under the policy of guaranteed prices. He said it was wrong to assume that these would be fixed. The minimum and maximum system of guaranteed prices would be carried out oh the basis of prices ruling during the past eight or ten years. Labour's system would make it possible for any farmer to live comfortably under conditions as. they might be found to exist. The basis of the scheme would be worked out on the same lines as the Valuation Department's valuation of farm property. THE ARBITRATION COURT Labour would at the very least restore the Arbitration Court's former powers. Mr Savage said he could see no reason why the Arbitration Court should not speedily be made a greatly improved tribunal. The workers could depend upon effect being given to this without any delay. . Mr Savage said the interests of the people would be served first and last. " That is our job," he said, " and nothing whatever will stand in our way. I see no reason why all the people of New Zealand should not co-operate with us whole-heartedly in the duty we have to perform. Nor do I anticipate any obstruction." THE LEGISLATIVE COUNCIL Questioned regarding the Legislative Council, Mr Savage said that Labour had no immediate proposals. He did not for a moment anticipate that the Legislative Council would obstruct the Labour Government in any way. Of course, it would not be allowed to obstruct the passage of necessary legislation, and he could only say that ,the whole question of the Legislative Council and its future was one to be dealt with should the question arise. WESTERN SAMOA With regard to the mandated territory of Western Samoa, Mr Savage said he wanted it to be fully understood that every question arising concerning the Samoan people would be dealt with on humanitarian principles. "We want the Samoans to be happy and contented. Our job is to see that. they are dealt with fairly so that their contentment will be assured. I anticipate that in Samoa there will be nothing but satisfaction so far as our administration is concerned." SCHOOL ADMISSION AGE In answer to a question whether five-year-old children would be admitted to State schools when the schools were reopened after the summer holidays, Mr Savage replied: "Absolutely; there is no question about that."

ASSISTING THE GOVERNMENT Discussing the twelfth point in the Labour manifesto, that the services of all Labour members will be co-opted to obtain their full service in the shaping and the administration of the law, Mr Savage explained that all Labour members best fitted to advise and help would have part in the work of the Government. " For instance," Mr Savage said, "the Minister of Lands will have the co-operation of those members who have been elected to represent the farming constituencies, and this will apply in connection with every department of State. We shall'make the best use of the considerable ability at our disposal. It is not the intention of the Government to get in the way. We are out to help, and here I may say that civil servants and officers of State have nothing to fear from Labour. I have no reason to think that the men.who have cooperated with the Government of the past will not co-operate with the Labour Government in the future. We shall look to them for the same loyal support, and I believe that we shall get it. There ia no reason to think otherwise. BOARDS TO BE ELIMINATED "The Agricultural (Emergency Powers) Act has never appealed to me. I believe that what is required to be done should be carried out by the elected representatives of the people, and you will find that Labour will shape its policy in accordance with that principle." Mr Savage said that the Mortgage Corporation would not be abolished. It would be carried forward, but the control and direction would be on similar lines to those of the policy followed under the State Advances to Settlers and Workers. Labour's intention, said Mr Savage, was to restore gradually the functions of the Government to the people. Boards would gradually disappear. There would be no sudden upset in this matter, as it was Labour's intention to make everything function smoothly. • Asked whether it was Labour's intention to appoint immediately new Government representatives on directorates and boards, Mr Savage said it was not a question of altering individuals. There was no reason why any person should be removed, because Labour had nothing against any particular member who was appointed to any body to represent the Government. He would say dogmatically, however, that every man representing the Government on any body, or who held office in the capacity of representative of the Government, would be required to represent faithfully the Government's policy and intention. BROADCASTING POLICY Discussing the broadcasting policy, Mr Savage said that radical changes could be expected. For instance, it was Labour's intention to put Parliament "on the air." Those who were interested would be entitled to listen to their elected representatives discussing national affairs. "There is no reason," he said, "why the people should be deprived of the right to hear what their representatives have to say when they are discussing matters which vitally concern the people." Mr Savage gave no details concerning what was proposed, but he said that all important questions, when debated in Parliament, would be broadcast. THREE-YEAR PARLIAMENTS One of the duties of the Labour Government would be to restore three-year Parliaments. This would definitely be done. Labour would not be concerned about the length of a session. The Government would expect men who were elected to do a job to do that job, and Labour would introduce methods which would expedite the Parliamentary business. It would not be Labour's aim to increase the cost of government, but the functions of the Government would be fully carried out in the interests of the people. "We shall go on sitting so long as there is a job to do, although we do not want anyone to get it into his head that he will have to go on Bitting for all time," Mr Savage said. "We shall not observe the old rule of meeting in the last week in June. There never was much to be said for that. We shall meet when we have the public accounts. We shall not tolerate any delay because the Law Drafting Office has not got the Bills ready for us. If the Law Drafting Office is unable to produce the Bills, the staff will be increased so that the office will be able to function promptly and effectively. "This point serves to indicate that the Labour Government will not be hindered in its duty to the public by a hindrance that can be remedied by common-sense methods. My job is to serve the people and I intend to do my job." PUTTING FIRST THINGS FIRST Mr Savage said it would be found that the Labour Government would put first things first. They would not be found enjoying social occasions while people not privileged to take part were in dire distress, that was not Labour's way. For that reason, Mr Savage said, he could not discuss matters of Labour's policv with regard to social gatherings in connection with Parliamentary life. There were more important things to be done than to chat over teacups. Mr Savage said that Labour would take an early opportunity of restoring the rates and conditions to workers, but no wild schemes would be entered upon in sc doing. The people could depend on that. Mr Savage will leave for Wellington on Sunday night.

THE LABOUR CABINET POSSIBILITIES DISCUSSED DUNEDIN NAMES MENTIONED (Special to Daily Times) AUCKLAND, November 29. One of the earliest tasks that will confront Mr Savage as Prime Minister will be the selection from his supporters in the House of Representatives of the members of his Cabinet. Mr Savage referred to this in the course of an interview in a manner which suggested that he is not taking the task lightly. With a party strength of 52 at his disposal it may even be a case of an embarrassment of numerical riches. Mr Savage refused to be drawn into making any suggestions as to a " shadow Cabinet." He said the normal course •would be for the Prime Minister, Mr Forbes, to resign. The Governor-General would then call on him (Mr Savage) to form a Government and he would then have to set about the task of Cabinet construction, "and it is not a job to Le done in five minutes," Mr Savage added. In parliamentary circles last session, when, on occasions, the personnel of a Labour Government was being discussed from the point of an a..-.domic possibility, it was generally thought that the Labour Cabinet Ministers would be drawn principally from the 24 members of the party then in the House. In any political party length of parliamentary service counts for something in elevation _to office, and there is no reason to think that the Labour Party should prove an exception to the rule. Indeed, it would be a definite weakness to have more than one or two members of a Cabinet who did not have thorough knowledge of the intricacies of parliamentary procedure. The nucleus of the Labour Cabinet suggests itself almost immediately—Mr Savage as Prime Minister, with Mr Peter Fraser and Mr Walter'Nash as his first lieutenants. In the Labour Party and out of it Mr Nash is generally recognised as having almost indisputable claims to the portfolio of Finance. For some time now he has been the party's chief spokesman on financial matters. He has a considerable academic grip of the subject and is one of the most fluent speakers in the party, which for some years has generally been more fluent than the Government. Mr Fraser is one of the strongest members of the Labour Party, and in some quarters the opinion has been expressed that he would make an aUmiraT)le Speaker. It is not likely, however, that Mr Savage would wish to lose his services in the Cabinet. The likelihood of an expansion in public works and of efforts to re-absorb the unemployed into industry suggests that the joint portfolios of Public Works and Employment may be entrusted to Mr Fraser. He has the capacity at least to tackle a task which might bristle with difficulties for his party. Another member of the party who is almost certain of Cabinet rank is Mr D. G. Sullivan, chief Opposition Whip in the last Parliament and the present Mayor of Christchurch. His elevation to Cabinet rank might possibly mean his resignation of the mayoral office. He has .attended assiduously to his dual duties during the last few sessions of Parliament, but a Ministerial post is naturally much more exactly than that of a private member in Opposition. Mr Forbes's last Cabinet consisted of 10 Ministers, but it was frequently complained that the administrative duties necessitated a greater numerical strength. It is quite conceivable that Mr Savage may decide on a Cabinet of 12, which would certainly permit of a less exacting distribution of portfolios among Labour. Members of the last Parliament who should be in the running for the remaining eight Cabinet seats are Messrs H. T. Armstrong (Christchurch East), P. C. Webb (Buller), W. E. Parry (Auckland Central), F. W. Schramm (Auckland East), F. Langstone (Waimarino), W. E. Barnard (Napier), R. Semple (Wellington East) and J. W. Munro (Dunedin North). District representation must necessarily be a factor in any final selection, and with Messrs Nash and Fraser, both Wellington members, practically assured of office, the chances of Mr Semple may be adversely affected. The same argument might apply in the cases of Messrs Parry and Schramm, of Auckland, and Mr Armstrong,, of Christchurch, as Mr Savage and Mr Sullivan would conceivably represent these centres. Although Mr Langstone has had a fairly long parliamentary experience and is a former president of the Labour Party, his qualifications for Cabinet rank may not be as strong as those of some of his colleagues. They are strengthened, however, by the fact that he represents a country constituency, as Mr Savage will have to guard against too heavy city representation. For the same reason one or two members will have to be considered in any shaping of the Cabinet personnel. Prominent among them is Mr W. Lee Martin, the new member for Raglan, who has had previous parliamentary experience and is himself a farmer, while Mr Ben Roberts, the new member for Wairarapa, is also spoken of as a possible farmer Minister. Another new member who may make a rapid advance in politics is Dr D. G. M'Millan (Dunedin West). He has taken a prominent part in advocating the Labour scheme for national health insurance and may be charged with administering it from a Ministry of Health. There were three lawyers in the Labour Party during the last Parliament—Messrs Barnard, Schramm and H. G. R. Mason (Auckland Suburbs). All three may bo expected to be candidates for the portfolio of Justice, or the position of At-torney-general, but the opinion is widely held that. Mr Mason will be the next Speaker of the House, a position in which legal training is generally a decided acquisition. Room might still bo found for two lawyers in the first Labour Cabinet.

It seems reasonably certain that at least four Labour Ministers will represent city constituencies. This is in marked contrast with Mr Forbes's last Cabinet, the membership of which was drawn exclusively from_ the provincial towns and country districts. GOVERNMENT'S INTENTIONS « ——— RESIGNATION ON SATURDAY NO REASON FOR DELAY (Per United Press Association) WELLINGTON, November 28. The Prime Minister, Mr G. W. Forbes, stated to-day that he had called a meeting of Cabinet for Saturday morning to discuss the political situation. It was probable, he added, that following the meeting he would hand his resignation and the resignations of his colleagues co the Governor-General and recommend that Ills Excellency send for Mr Savage.^ "The referee has given his decision," said Mr Forbes, " and it is crystal clear there is no reason why the Government should delay its resignation. There is no need to await the completion of the official recounts. The decision is definite enough."

Mr Forbes cheerfuly discussed the result of the election and remarked that he would now be able to "get a little sunshine." It had to be admitted, he said, that there was a definite swing away from the Government and towards Labour which had the right to givo effect to the policy +o which the majority of the electors had subscribed. The Minister of Finance, Mr J. G. Coates, who is co-Leader of the Nationalist Party, will arrive in Wellington on Saturday morning. Several Ministe-s will reach the capital on Friday and all will be here on Saturday for the meeting of Cabinet.

A full meeting of Labour members will take place in Wellington on Monday; and the selection of members of the first Labour Ministry will be made at the meeting. In the event of Mr handing in his resignation on Saturday afternoon it is likely that members of the new Cabinet will be sworn in on Monday. The constitutional position is that when a definite decision is giver by the electors there is no necessity to call the new Parliament together in order to decide on the new Government. That is only necessary when the leader at the party is unable to give the GovernorGeneral an assurance that he commands the support of a majority of the House. Mr Savage is in the position of being able to assure his Excellency that he has the support of 52 pledged supporters of the Labour Party. It is therefore certain that his Excellency will ask Mr Savage to form a Ministry. It will be for Mr Savage to allocate the portfolios in the new Cabinet. There is a suggestion that Mr Savage may decide to call Parliament together almost immediately, but the general view is that it will be February before members are asked to assemble. A Labour caucus will probably decide when Parliament should meet. THE GAME OF POLITICS STATEMENT BY MR COATES LABOUR PARTY CONGRATULATED (Per United Press Association) AUCKLAND, November 28. " Naturally I am disappointed that tbe National Government has not been returned with a dear majority to Parliament, but no Government could expect to retain a full measure of popular support during a depression'of the extraordinary severity of that through which we have just passed," said the Minister of Finance, Mr Coates, speaking from Dargaville. "The issue in the present election was seriously confused by the intrusion of a new party and a number of Independents. I am confident that the result would have been very different had the issue not been confused in this way.

"Nevertheless, I congratulate the Labour Party on its success, and I trust that it will be able to continue the improvement in conditions brought about by the policy followed by the National Government. The election has been vigorously fought, as it should be where issues of importance are at stake, and it has been very gratifying to experience the keen interest of the audiences. Politics is a game, although a serious and important one, and I am sure that when the candidates have had a short time to consider the opponents and the opposition generally, the hard knocks that have been received in a few weeks will be forgotten and leave no bitterness.

" To the candidates of all parties who have been successful I extend my best wishes. To those who have not, I wish to say that they fought well, and I congratulate them upon their great efforts. I should like to thank those supporters, both Reform and Liberal, who have rallied to the support of the National Government, and 1 give them all my very sincere and appreciative thanks. 1 shall be very pleased to meet old friends who have been returned, and to welcome new friends as well. "With many planks in the platform of the Labour Party we do not agree, and we shall exercise fully the duty of Criticism imposed on the Opposition in Parliament; but we shall be pleased to co-operate in matters which we believe to be generally in the interests of the country, and to give the La'oour Party a fair chance to fulfil the promises which it made to the electors of the country." THIRD PARTY INTRUSION.

"The electors of New Zealand have given a definite decision against tho National Government and in support of the Labour Party," added Mr Coates last night, commenting on the position of the various parties. "As one who sincerely believes that the policy of the Government during the past «four years has been sound, and who had high hopes of developing a programme which I am sure would have been conducive to the welfare of the people, I am naturally disappointed in the result. I join with my colleagues in congratulating the members of the Labour Party on their success at the polls. I can assure them that, while exercising the full rights of democratic criticism, they will receive our co-operation in 6iich measures as we believe to be in the interests of the country. Mr Savage and his colleagues have received at the hands of the electors a great victory, and I congratulate them on their success.

"One dear lesson which has emerged from the elections is the danger which results from the intrusion of a third party and of a large number of Independents, whose presence has only served to confuse the issue. Without detracting from the success of the Labour Tarty, I feel that I can say that the extent of the change of public opinion is by no means represented by the state of the political parties, and I hope that this lesson will have been noted and learnt for the future.

"I should like also to express my personal appreciation of the courteous and friendly receptions which I have received throughout the country, especially in my own electorate, and to record njy deepest appreciation of the loyal and untiring efforts of the Government's supporters and my colleagues throughout the country. I offer my sincere thanks to the electors of Kaipara, who have again returned me as their member, after a hard-fought campaign. " To those who have suffered defeat <it the polls, I would say that they should not be downhearted. A campaign is not ended because one battle is lost. Throughout all the vicissitudes of fortune we should retain clearly before us those principles and ideals which we so firmly believe are in the interests of our people." LABOUR'S ADVENT TO POWER NEWSPAPER COMMENT FACTIOUS OPPOSITION DEPRECATED (Special to Daily Times) AUCKLAND, November 28. The New Zealand Herald says editorially : Whatever misgivings large numbers of New Zealanders may feel at the advent to power of the Labour Party it is their duty to recognise the accomplished fact and to face it with a calm and balanced mind. Labour has reached its present commanding position by constitutional

means, according to the rules of the existing system. That result cannot be denied and should be.accepted fairly and squarely. More than that, the Labour Party should be assured that it need not fear factious and destructive opposition in the discharge of the responsibility with which it will shortly be invested. If the new Labour Government is to pass the test with success, and, what is more, with honour, it must act in all things justly. That is, it must forget its class doctrines and narrow sectional aims, and remember only that it is to become the Government of New Zealand, responsible to the nation and called to serve all the people. If Labour seeks the welfare of the whole of society it cannot fail to benefit every part. On the other hand, if its aim is partial and limited to the benefit of particular groups, those for whom favours were intended will find themselves mulct with the r-:st, for prosperity, like peace, is indivisible. If the Labour Government will begin with this conviction and put behind it all sectional interests in favour of the common weal it should not go far wrong, especially if in advance of every step it makes sure of its ground in the best light of experience.

VIOLENT SWING-OVER PERSONAL TRIUMPH FOR MR SAVAGE (Special to Daily Times) WELLINGTON, November 27. In an editorial the Dominion says: Although the vote cannot be explained wholly as an endorsement of the Labour policy (since disgruntlement with the Government must have been responsible for a large part of the swing away from it), every elector who voted for Labour must be assumed to have indicated thereby his willingness to see a Labour Government in power. Any attempt to belittle the Opposition victory, therefore, would savour of niggling partisanship, if not of bad sportsmanship. Events played into Labour's hands, but it used its opportunity well. Yet, as is frequently the case when there is a violent swing-over of political opinion, the successful party has a larger representation in seats than its voting strength justifies. For this Labour is not to blame. It was not in Labour's power to change the electoral system to one that would have ensured a fairer representation of the will of the people. Preferential voting«would have given that, and preferential voting was urged upon the Government in vain. In this one particular the Government encompassed its own defeat and as a result the Opposition in the new Parliament will be weaker than it should be, perhaps weaker than may be good for the country. With an inexperienced party on the Treasury benches, however, the natural development will be to throw the Nationalists and non-Labour Independents into one camp where, given the cohesive influence of virile leadership, they will be able soon to shake down into an effective and helpful Opposition. Whatever Parliament and the country may be able to do to help the new Government, therefore, ought to be done. It is the duty of the minority to co-operate as far as its principles will allow with the administration of the majority to the end that there may be good government for all. The Nationalist members returned are not likely to be found wanting in this duty, and it is to be hoped their supporters in the country may be equally well disposed toward the new Government when it takes office. In considering the positive and negative factors in the Labour victory the Evening Post says:

Positively there is first the complete organisation of a party backed by enthusiasm which inspired untiring effort. Even in the years when results were discouraging Labour believed in its cause with infectious faith. Next, and scarcely less important we think, is the leadership • —first, the rousing campaigning of Mr Holland, a born fighter for a cause which often seemed hopeless, and then the persuasiveness and urbanity of Mr Savage which allayed the misgivings of waverers and disarmed the fears of those who were fearful of tho prospect of Labour rule. Without belittling the work done by other members and the party as a whole wo think the victory (though he would not think of claiming it) can be regarded as in no small part a personal triumph for Mr Savage. Policy as well as personality has certainly helped in winning the victory. Labour promised more generous relief for the distressed, a more direct attack on poverty. This had its appeal to many thousands, not politically Labour supporters, whose heads might approve of subsidies, wage tax reductions and other means of reviving industry, but whose hearts urged them to tore direct and immediate relief of hardship. This, we believe, is an undeniable fact. The vote is an approval of the general promise of better times rather than an endorsement of the specific means proposed for the attainment of that desirable goal. THE GOVERNMENT'S DEFEAT CONTRIBUTING FACTORS 'KI'WIAI 1(1 !)\!I.Y I'IMKSI CHRISTCHURCH, November 28. The Christchurch Press comments on the election as follows: There has been no comparable, turnover in the history of New Zealand, and it is not easy to account for. It is difficult to believe that the electorate has given a considered judgment against the present policy of the Government and in favour of the programme to which the Labour Party has committed itself. If it has it will before Jong be disappointed, for it is certain that in its main lines the present Government's policy will have to be carried on by its successor. More probably the Government has paid the penalty of being in office , in a time of material hardship, a time when unpopular measures become a duty and a necessity. Vote-splitting has also contributed to the result, and the effect of the Democrat Party's irresponsible incursion into New Zealand politics has been exactly as was prophesied. One Democrat, a retiring member who adopted the label at the last moment, has been returned, and in at least a dozen electorates the Democrat candidates polled just enough votes to let in minority Labour candidates. It is probable, too, that Mr Hislop's violent attacks on the Government and his wild charges of corrupt manipulation of the public accounts helped the Labour Party more than his own candidates. There were, however, substantial weaknesses in the Coalition which contributed to its defeat, most of them weaknesses which are inherent in coalitions. One was the poor quality of some of the Government candidates. The supposition that a sitting member has a prescriptive right to re-nomina-tion is a very dangerous one. It must be said frankly that some Government candidates were defeated simply because their electorates wanted men of greater ability. Another weakness in the Coalition was the uneven quality of its Ministry. THE DEMOCRAT ORGANISER LABOUR PARTY CONGRATULATED. (Per Uniteo Punas Association) WELLINGTON, November 28. Mr A. E. Davy, organiser of the Democrat Party, stated to-day that the return of the Labour Party as the Government was not surprising, though the overwhelming vote polled by Labour candi-

dates was amazing. It was perfectly clear that the people had determined to vote the Government out, and that the Democrats were too late in the field. The Labour Party had received the benefit of the landslide. He congratulated Mr Savage and his party, who had been successful in taking the fullest advantage of a great opportunity. He regretted the defeat of men of outstanding calibre and ability, who, irrespective of party, would have added strength to Parliament. A vast amount of work would need to be done to bring together all the forces opposed to Socialism. To the newspapers who had supported the party, and those who recognised the value of the Democrat candidates and their policy, and to the Press Association, he extended his sincerest thanks. LABOUR'S VICTORY MANUFACTURERS' CONGRATULATIONS (PEK UNJTEIi I'KKS* AMSfVIATkiNi CHRISTCHURCH, November 28. Congratulations to Mr Savage and the Labour Party on their success at the election were offered by resolution at a meeting of the committee of the Canterbury Manufacturers' Association tonight. The resolution was as follows: — "That the executive of the Canterbury Manufacturers' Association wishes to convey to you and your party its congratulations upon the outcome of the general election, and wishes your Government a very large measure of success in the control of the affairs of this Dominion. We look forward with pleasurable anticipation to an era of prosperity in which the manufacturing industries will participate." REACTION OF MARKETS BANK SHARES WEAKER (Per United Press Association) WELLINGTON, November 28. The reaction of the markets on the Wellington Stock Exchange to-day to the change in the political situation caused by the general election was not verypronounced except in the case of bank shares, which were definitely weaker. There was active trading in Government loans, but prices showed little change. A fairly substantial turnover of bank shares saw New Zealands recede by 3s Cd to 48s, buyers staying on at that price. National of New Zealand sold at 75s and 74s fld, a decline of Is to Is fld from the high point of Tuesday, and more were wanted at the latter figure. Reserve Banks, which have been selling lately at £fl 5s to £0 5s fld, fell back to £5 15s, sellers asking £0 Is.