LABOUR PARTY

Stratford Evening Post, Volume II, Issue 226, 22 April 1933, Page 8

LABOUR PARTY

Revised Policy STATEMENT FROM CONFERENCE °ress Association— Copyright Auckland. April 21— The revised policy the Labour Party would put into force if it gained power was outlined in a statement issued from the. party's Dominion conference to-day. The statement affirms that a complete reversal of the Government's policy and economic management of the country generally has become a necessity of the first magnitude. As a means of achieving this end the Labour Party purposes to give immediate effect to the following policy:— Immediate control by the Stale cf the entire banking system, the State to be the sole authority for the issue of credit and currency.

The provision of credit and currency to ensure the production and distribution of commodities which arc required and which can be economic illy produced in the Dominion, with guaranteed prices, wages and salaries. Conservation of the present holders' interests in land and homes by a readjustment of all mortgages on the basis of the average prices for the past seven years.

Guaranteed prices for primary products. Negotiated agreements with Great Britain and other countries for the marketing of primary products, with reciprocal contracts for the import of those classes of commodities which cannot be economically produced in the Dominion. The promotion of an agreement between the various control boards and other associations of primary producers, distributors and consumers' organisations to ensure orderly marketing at guaranteed prices of primary products required for consumption in the Dominion. Fostering of secondary industries so as to ensure the production of those commodities which can be economically produced in the Dominion, thus providing employment for New Zealand people with a resultant increase in the internal demand for primary and secondary products, with less dependency on fluctuating and glutted overseas markets. Organisation of productive and development work on the following lines:— Land development and settlement, completion of necessary public works, construction of backblock roads, secondary and main highways.

Assistance to local authorities to undertake approved works. Financial assistance in the development of secondary industries* Regarding hours and wages it is proposed: (1) The utilisation of mechanical inventions, new processes and research knowledge; (2) an immediate reduction in hours of labour in order to employ a greater number of workers in industry to meet the displacement of labour by machinery; (3) guaranteed wages and salaries in accord with national production.

Negotiation with the British Government and oversea financial houses for the purpose of converting the overseas debt to a lower rate of interest and readjustment to price levels operating at the time of raising the loans is proposed. The party'also advocates war debt negotiations with the British Government for the purpose of reducing the principal and interest on war debts or their cancellation.