GOVERNMENT DEFENDED

Stratford Evening Post, Issue 64, 29 May 1928, Page 5

GOVERNMENT DEFENDED

BY PRIME MINISTER.

ADDRESS AT MORRINSYILLE. ‘

ENTHUSIASTIC RECEPTION. ,

Press Association—Copyright MORRINSYILLE, Last : V, The Prime Minister mu,s accorded, ‘j|rti«nth'usaaisiici .reception here j toiwherl ho addressed a large! hfi■dience, devoting himself prhgttptalily,, to issues affecting, the farmers .if! the Dominion,; ~1 The, Prime Minister dealt in detail ■with the work of the Scientific land in its cifoctg-, to solve the of actual fi|rm--1 ing, and lie them described, on I the ;;j , lines of his recent speeches, what the Government had done to make 'the fariners more secure through fhe | medium* bf ; the State Advances Office‘and the provision) of long term rural ;crCidita and of intermedilite credits. " WORTH WHILE INDUSTRIES. Discussing Customs duties the. Prime Minister upheld the recent utterances of the Minister of Customs, _ ©tating that the principle of supporting worth while industries in thejjj r • initial stages’; through the Customs ( had! long Seen 'established and thy attempt to remove this protection would produce chaotic results to noth the secondary and primary induS-- • ,trie®; ■ " * ‘ ‘ i Event if a free trade Parliameht were returned, a Minister of Customs ' would find irteupeiphle difficulties. Great Britain' had often been upheld ■i as the model free trade country, but . Mr Winston Churchill recently ' budgeted for £600,000,000, of which ap- ■ proximntely £300,000,000 wa,g estima- *_'• tod to be raised from Customs taxation!. v : r „i» I DOMINION’S HIGH STANDING, 1 The Prime Minister Vent on to speak ofidihevLigh standing of the Dominion in London. An attempt’,' |he‘ isaid, had been' made in Sew Zealand to belittle the recent loUn transac- :•< tioris. ‘ Wbjl® itf.was. ; undesirable. to : : tefeh specially’ tb other States,, j it might mentibned that Australia, recently published a statement show-, ihg there 'Was'' faised in London dittihg the last'll months by the Cbm- :' moruVealth and , ’ ATijstralian Sfcafbes i ( ahoUt ''£3b,ooo,of)o, all on interest yielding 'liiteV higher thanj the New, Zealand” : 1927 ./loan of £6,000,000 5 l was’ ■ qliibldy over-suteefited. 1 m tlib offered by other , botrow''e|s'ks* above, and on moj : e at- ' | tractive ’ tefrnU,'' about 72 per cent'Htfcas left : wiißJfr.th©Underwriters. ’ Ais v

• regards tHe; recent 1928 loan of \£s,~ ' 000,000, it fdecided to offer ’thisu at 4J per centre discounted at £94' 10s, with, 20 years, currency,, egualtyigr '"’ton' 1 interest yield', with redemption, ; of ’£4 19,si Bdl per cent. At the samp, ' time we successfully converted £50,-: 000,000 of 4 per cent, stock, £29,000,000 of, which matures next year.. ‘ ;; Tfais £5,000,Q0D wag converted to a ;V 4i per cent, basis on terms yielding, , the holder £4 16s lod per cent. !"" !.')* -v M' ■* ‘ - j rd ; i: .Amplifying his statement made,last ...■week regarding unemployment the .’ dPrihle Minister said the population) dfNew Zealand wag 11,460,000 and l the' ,! luinih&r of adult workers male,, and' female, was .'485,000.,. Taking. f tbd! maximum of ' unemployment as. estir mated by the Labour Party' namely 10,000 u although the* Labour Departl mint’s estimate waigi 6000, there was on© unemployed; worker to every 43.5 employed worker. lie unemployment problem in NeW Zeal and, Was, not nearly so serious,,as' in the 01 dp, Country and the United States of America. Relief measures were of course only temporary, and if - any ill-considered scheme were launched' such may not effect a cur© but increase the evil. The Prim© Minister was accorded a, ■ vote of thanks‘.and confidence.