GUARANTEED PRICES.

Pahiatua Herald, Volume XLIII, Issue 13103, 11 November 1935, Page 4

GUARANTEED PRICES.

MR. WALTER NASH EXPLAINS.

LABOUR PARTY’S PLEDGE

Electric Telegraph— Press Association ALASTERTON, Last Night. Speaking here on Saturday night, Walter Nash, president of the labour Party, said if labour were returned to power it would buy out the private shareholders in the Reserve Bank at the market price, thus giving the Government com- J plete control of the credit and cur- ’ rency. The Labour Party pledged itself to pay guaranteed prices to farmers which would meet their costs and provide a decent standard of living. 3he prices paid would he settled in negotiation between the Government and the producers. The Reserve Bank would be a-ked to pay out to tlie farmers the prices agreed upon. If the goods did nut realise as much as had been paid out the Government in effect would owe itself that amount. It would not matter whether interest were paid on this overdraft or not because any profit it made by the Reserve Baiik went to the Government. If more were received for exports than had been paid out the surplus would go into the Reserve Bank funds for the purpose of stabilising prices received in New Zealand and overseas.

The Labour Party pledged itself to put this policy into operation in its first year of office. A motion of thanks and confidence in the Labour Party was carried without dissent. SIR ALFRED’S AYARNING. DAXNEVIRKE. November 9. The Hon. Sir E. A. Ransom, Alinister of Lends, in the course ol a political address on control ot currency and credit as advocated by the Labour Party, said its intention was to place the banking system under political control and issue currency irrespective of ecu: imio laws. Other countries had trii . i h a system and had brought ruin to the people. While he was A tingPrime Alinister a German r< -i :• lit in New Zealand wrote to tile Government regarding heavy investments of marks in the German State Savings Bank, and the reply he received from the German Consul, through the Acting-Prime Alinister, was as follows: “The G. ms n Government has not confiscated bank balances held on behalf of its subjects, but actually such credits became completely worthless during the period of deflation, where the mark practically ceased to have any value. You accordingly- find yourself in a position similar to that of many million people apart from yourself.” That, said Sir Alfred, was the result of a Government issuing unlimited currency. In New South A\ ales the ir.vesting public lost confidence in a Labour Administration and the C ■ eminent had to close the doors of the State Savings Bank. Deposit’ -in that bank had offered by advertisements in the newspapers to sell their deposits at a discount ;t to 10s in the £l.