PAWNING THE COUNTRY

Sun (Auckland), Volume II, Issue 509, 12 November 1928, Page 13

PAWNING THE COUNTRY

BORROWING POLICIES REVIEWED LABOUR NOT COMPETING ..A 1 ] 0 , final analysis proves that both the Reform and the United Party are trying to show tSiat it can pawn the country more quickly than any other party,” said Mr. W. E. Parry, at an open-air meeting an Saturday night I / lrii ,’; wbo R the Labour candidate for the Auckland Central seat spoke at Williamson Avenue in conjunction with Messrs. Savage and 5ty tl 2Sus° ther I ' al * ) ' Dr candidates fur . Passage quoted occurred when Mr. Parry was dealing with finance A feature of the present elections j J l ®, sald -,"' s t*>at each Reform e nd United candidate was endeavouring to prove that h*s party could borrow more than fjie other, and that either could bonow more than Labour. Labour was hot anxious to compete. Ho said the object of his party advocating a State bank wras to increase internal credit and curtail outside borrowing, utilising internal reserves for development. The advocacy of internal borrowing was justified by the fact that the country had already borrowed internally. £54.000.000 of which had been provided by State fcxstitutions. This was a straightforward argument in favour of a continuation, and for the State bank whereby private and other moneys would be available from the State institutions. Tie was of opinion that the young people would not look favourably on extensive outside borrowing schemes, the burden of which would fall on their shoulders. Outlining the objects of the Labour Party, he said they were pres.'iing to link up the humanitarian legislation laid aside on the death of the RL Hon. Richard Seddon, revision of the pensions system, insurance against illness and unemployment, and organisation of medical services so that all people might be assured of medical treatment. The meeting closed with cheers for the party and the candidates.