BUMPER MEETING.

Pahiatua Herald, Volume XLIII, Issue 13087, 22 October 1935, Page 5

BUMPER MEETING.

MR. COATES AT MASTERTON.

EXCHANGE DEFENDED. Electric Telegraph—Dress Association MASTERTON, East Night. The Minister of Finance, lit. Hon. J. G. Coates, addressed a bumper meeting in the biggest available laall to-night. The building was crowded to the doors and hundreds were.- unable to get in. The Mayor, Mr T. Jordan., presided. There was at times a fair amount of interjection and noisy interruption, but it came front a. very small minority. The Minister tinned the interruptions toi good account in pleasant exchanges and in driving.home his points. On concluding he answered many questions and then was accorded a hearty vote of thanks with load applause and no indication of dissent. Dealing with the problems of the past four years Mr Coates said the plan and method adopted by the Government were not hastily or ill-con-ceived. but were clearcut and defined. As a result of the enforcement of the Government’s plan they were now getting,the equilibrium that was necessary to balance expenditure and revenue. No enterprise, public or private, could continue for long if tho expenditure exceeded the income. A serious fall in prices had brought about an unstable economic position and had resulted in a very large number of men and women losing their employment. Unemployment was a social concern and as such had received different treatment from other problems facing the Government. WHO PAID? 1 One of the first things the Government did in its endeavour to increase the revenue was to raise' the exchange rate on London by 25 per cent. That had effected an increased income for products both internally and externally and had also brought about an adjustment of costs and prices. Discussing who paid for the raising of the exchange, Mr Coates said the farmer and the city man. Everyone paid for it. The Government- had figured it out that costs would not rise with an increased exchange and subsequent events proved it had figured correctly. Aspirants for political honours. Mr Coates went on to observe, “have described the financial experts as ‘the brain trust.’ Call them what you like, they are men who have given their time and ability wholeheartedly to the difficult task of sorting out the data to ensure that any pitfalls that might have been in the Government's proposals might be fully understood md appreciated before any definite action was taken.” He knownothing of the politics of the “brain trust" and questioned the decorum of Mr Hi slop in accusing, them of being Socialists. They were men who had given their time and ability ungrudgingly and often had worked the whole clock round in eliminating weaknesses that otherwise might have entered into the Government’s proposals. A FOUR-YEAR PLAN. Mr Ooa.t<*s said the Government’s Tour-year plan had worked out to the satisfaction and credit of the country. Sacrifices had been made by all classes and the conditions were now improving. Tt< had been said the Final Adjustment Act involved the breaking of •contracts. That might he so, but he held that in times of stress the people and the country must come first. They would not lot human beings suffer to a point whore they became depressed and lost hope in the future. The worst of the storm was past. They had balanced the Budget and the credit of. the country : : n London stood as high as ever it did as was evidenced by the ease with which the last New Zealand loan was floated. The present indications of re viving confidence and recovery made it char that the people of the Dominion had confidence in the Government that had pulled them through. DEMOC R ATS CRITICISED. Mr Coates criticised the Democrat* party proposals at length, reiterating his charge that the proposals would entail an expenditure of £22.000,000 ;• year over and above the present Budget. He could not understand the people being gulled by the kind of gulf the Democrats had submitted. Mr Coates also asked what h.ad caused Air Hislop to change the opinion he expressed only a few months ago that the Mayor of Wellington had not time to engage in general pel ities. The Minister claimed that the Government had carried out the only policy that made recovery possible with good results that could be- expected to continue short o£ any international upheaval. He reviewed the meat negotiations at length and denounced as most unfair and in.iceurate the allegation that New Zealand had failed to honour the Ottawa agreement. He touched on the Government proposals relating to national superannuation, health, insurance. housing and other matters. The Government., he said, just asked for lair consideration, taking account of the. manner in which the difficulties ol the country had been dealt with and its programme of a steady forward movement in the* development. of the country.