The Southland Times. PUBLISHED EVERY MORNING. “Luceo Non Uro.” FRIDAY, NOVEMBER 8, 1935. “INTELLIGENT”

Southland Times, Issue 22733, 8 November 1935, Page 6

The Southland Times. PUBLISHED EVERY MORNING. “Luceo Non Uro.” FRIDAY, NOVEMBER 8, 1935. “INTELLIGENT”

Mr Walter Nash gave the people of New Plymouth his idea of the guaranteed prices scheme presented by the Labour Party as one of its two vital planks. The monetary problem, which involves “the intelligent use of public credit,” according to Mr Savage, must be solved before anything else can be done, but apparently only slightly less important is the plan for guaranteed prices. Mr Nash assured the people of New Plymouth that in the first place agreements would be made with Britain to establish a trading arrangement, and then an accurate price would be fixed by experts. Imports would bfc brought . under control as well, and if there were surplus exports the Government would find a market for them. The farmer who knows that already efforts have been made to develop overseas markets other than the United Kingdom may be surprised at the ease with which Mr Nash speaks of securing new markets, but the whole scheme is obviously absurdly simple and unbreakable. It is clear that Mi Nash possesses a greater measure of Government interference in trade, but though he talks a lot of agreements and of the manner in which the guaranteed prices are to be fixed he does not say anything about the manner in which the money for the scheme is to be obtained. Doubtless it will not cost anybody anything—that is usual with these magnificent projects —but the only indication of the method by which the money for the difference between the actual market pi ice and the guaranteed price is. to be supplied is Mr Savage’s gloriously indefinite “intelligent use of public credit.” This word “intelligent” is not reassuring. Any man has only to ask himself what it means and he will discover that it may mean many things. Obviously the Government’s idea of the intelligent use of credit will differ very much from Mr Savage’s notion, and Mr Hislop may be depended on to disagree with both. Mr Hislop does not think Mr Coates,is intelligent, and he probably thinks Mr Savage is very little higher in the scale, at the top of which, of course, is Mr Hislop. Mr Savage would probably reply if intelligence meant putting Mr Hislop at the top of the ladder, he would be proud to be at the bottom. The Douglas Credit people have the idea that they alone possess the intelligent plan for the use of public credit, but virtually all the trained economists and experienced financial experts look on the Douglas scheme as proof of a lack of intelligence. In the circumstances one may be pardoned for asking the Labour Party for something a little more definite. Mr Savage might just as well say that his party stands for intelligent legislation, but as all the parties and all the candidates can say the same thing the elector’s knowledge of their intentions is not enlarged by their assurances. No political candidate is entitled to expect the public to give him authority to intrdduce monetary change without having some idea of the form this change is to take. As a correspondent remarks, Mr J. T. Lang interfered with the finances of New South Wales and landed the State in a beautiful mess. Mr Lang could have said before he was returned to power that he proposed to make an “intelligent use of public credit,” but the result would have been the same. Mr Savage should get beyond these vague phrases, and let the country form some idea of what he really proposes.