SIR JOSEPH’S MILLIONS

Poverty Bay Herald, Volume LIV, Issue 16797, 9 November 1928, Page 9

SIR JOSEPH’S MILLIONS

FURTHER EXPLANATIONS ADDRESS TO CONSTITUENTS (Per Press Association.) INVERCARGILL, last night. To ail audience that packed the Municipal Theatre to overflowing, Sir Joseph Ward, 1 Leader of the United Party, ,delivered his principal address in his own electorate this evening. He spoke for nearly three hours, and was given a most enthusiastic and patient hearing, interjections being entirely absent. Outside the theatre, there was a crowd of about 1500, who listened to the speech by means of loud speakers. Referring to his loan proposal, Sir Joseph Ward said his opponents were suggesting that ho was proposing to borrow. £70,000,000 in one year. This, was quite wrong, and they knew that It would be impossible to borrow such an amount in one year or, if he had it, to lend it out in one year. Future settlers and many of the present settiers should have an opportunity to secure money at 4J per cent, to enable them to slay on the land. People were being driven off the land, and, in very many instances, this was due to their inability to obtain advances. According to Government figures 13,C00 had left the land during the last three years, and, generally, this bad been because they had been unable to make a living and were starving.

It was the speaker’s object to completely change this. He would issue 4.j per cent, bonds for a term of years. Investors at Home sent to London each year £400,000,000 of new money for investment, and he was proposing that New Zealand should secure a portion of this capital. It was easy enough for the State to procure the money. He himself had procured £30,000,000 20 or 30 years ago for land settlement. If that were possible then was it not possible to borrow £60,000,000 in 10 years for putting thousands on the land? It was proposed to set aside 25 acres of land, so that a home could be provided for anyone who wanted it. The money would be available- at 4-j per cent, on leasehold, with the right of freehold, and money for the erection of homes at 4| per cent, would also be obtainable.

At the conclusion of his speech, a vote of confidence was carried, with very few dissentients.