NO COMPULSION
PROPOSED INTERNAL LOAN MR. SAVAGE’S ASSURANCE USE OF PEOPLE’S SAVINGS FAIR INTEREST RAT E (Per Press Association.) WELLINGTON, this day. An emphatic denial of the report that the proposed internal loan to meet public works expenditure, was likely to be compulsory, was given yesterday by the Prime Minister, the Rt. Hon. M. J. Savage, who said that compulsion was quite unnecessary in a country like New Zealand. Mr. Savage said that the Government’s monetary policy was to use the savings of the people, plus public credit for the development of New Zealand. His opponents had used it against him when he talked about using thd people’s savings, alleging they would be commandeered.
“But my opponents knew better than that," he added. “We will borrow the people’s savings and pay a decent rate of interest and their investment \yill be as safe and, perhaps, safer than overseas. I know there are people who are prepared to get a scare going because of the Government’s policy, but it is the curious brand of patriotism the same people have been indulging in within the last few weeks.”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/PBH19381209.2.170
Bibliographic details
Poverty Bay Herald, Volume LXV, Issue 19808, 9 December 1938, Page 15
Word Count
186NO COMPULSION Poverty Bay Herald, Volume LXV, Issue 19808, 9 December 1938, Page 15
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