“GOING TO THE DOGS”

Sun (Auckland), Volume II, Issue 509, 12 November 1928, Page 7

“GOING TO THE DOGS”

SIR JOSEPH WARD ON REFORM TACTICS ENTHUSIASM AT DUNEDIN Press Association. DUNEDIN, Sunday. Mr. Coates was at present resorting to trickery, and the United Party was not going to be beaten by the foolery of a party which lolitically was going to the dogs. In these words Sir Joseph Ward expressed his faith in the success of the United Party. Greeted by wildly enthusiastic cheering, Sir Joseph addressed the electors of Dunedin in His Majesty’s Theatre last evening. The theatre was packed and the doors were locked, but loud speakers had been installed in the street, where 3,000 people stood throughout the evening, in spite of the bitterly cold wind. Tne meeting was singularly free from interjections, and the speaker did not have to pause once. The early portion of Sir Joseph’s address was occupied in replying to his opponents, who, he said, were trying to mislead the people into the belief that the United Party did not count. The Prime Minister and the Minister of Lands were the first to make that statement, but during Mr. Coates’s Northern tour he had had only one thing to fight against—the United Party. Mr. Coates was suffering from political fear. If he were not afraid of the United Party, why did he pay it so much attention? If the United Party beat Mr. Coates and Air. Holland moved a vote of noconfidence Reform would vote with Labour to turn the United Party out, and, he might add, the United Party would do the same to turn Air. Coates out. EDUCATION IN FINANCE Sir Joseph said he was striving to educate the people of New Zealand into taking a different course in the method of obtaining money, so that the country would not lose money, and that no extra taxation would be imposed. He quoted from his last budget and again referred to the fact that he had left £17,500,000, stating that he was doing so because of the utter want of recognition of his party by its opponents.

“This country is going to be engaged in big finance soon,” said Sir Joseph, “and the Government may try to delude the public. But if it *is in power it will not be able to shirk and shift as it is doing now. If the Minister of Finance will tell the people what he has given instructions about in Wellington I will be. glad,” the speaker added mysteriously. Since the war the Government had increased the public debt by £50,000,000, and the Government Statistician stated that this represented aa increase of £B9 for every breadwinner. The speaker had said that the Government had borrowed £30.000.000 in three years. Mr. Downie Stewart had replied, quite correctly, that Sir Joseph was wrong-. The amount was £29,650,000. (Laughter.) STILL BORROWING Mr. Downie Stewart had stated that in reality the Government had borrowed only £23,000,000, as it had paid £6,070,000 for the war debts and other items, but the Government had borrowed money to pay off that £6.000,000, therefore it was still included in the amount and the interest was still going on as before. In 1911 the speaker had had the Public Debt Extinction Bill put through the House. It provided for a sinking fund for the repayment of all loans out of revenue. The £6,000,000 to which Mr. Downie. Stewart had referred had been paid for out of loan money. As Minister of Finance Sir Joseph said he would not do (hat. “I believe our tariff is unsatisfactory and that imDortant alterations are required.” said Sir Joseph. “We must help some industries by subsidy, and duty should be taken off the necessities of life which cannot be produced in our own country. They say I cannot do it —why, X did it and 1 can do it again without injuring the country." Mr. Goates had said the speaker’s statements in regard to the possibilities of unemployment next winter were most extraordinary and outrageous. Sir Joseph’s reply was that the information had been furnished to him by men who knew labour conditions, and he believed them. He expressed appreciation of the brotherly interest Mr. Coates was taking in his state of health. SCHEME NOT UNDERSTOOD The trouble with Mr. Coates's criticism of the speaker’s borrowing scheme was that the Prime Minister could not understand it. Mr, Coates had made a statement in Dunedin and elsewhere that Sir Joseph proposed to borrow £70,000,000 in one year. The speaker had made the position perfectly clear. He proposed to borrow from £8,000,000 to £10,000,000 a year, over a period of from eight to ten years.

Now the Prime Minister described his borrowing scheme as a “borrow, boom and burst” policy, yet the Government had borrowed £50,000,000 since the war, as well as taking the £17,000,000 which he had left. He had experienced the same criticism when the State Advances had been proposed, yet that department, after fulfilling its function, now showed a profit of £1,900,000. Sir Joseph spoke at length in explanation of his borrowing policy. He said he did not propose to float the loan on the Dondon market. He proposed to have New Zealand bonds sold there. It was a different method of borrowing, and his speeches in the House criticising the Government’s borrowing, had been speeches of warning against the method by which money was raised and used. He referred to a recent cable message dealing with a German scheme to borrow 500.000,000 dollars in the United States. The method to be adopted was exactly the same as the one he proposed. American financiers said the money could not be raised by loan, but it could be done by bonds. “NOT A BRASS FARTHING” Hundreds of farmers in New Zealand were bleeding financially to death because they could not get money. He could get it without risk. He went on to describe his scheme to borrow £10,600,000 for railway extension. It would not cost the taxpayer a “brass farthing.” There should be no fear of embarking on a building scheme which would make the railways payable. He gave his audience his assurance that if be were put into power he would undertake to get the money and put the scheme into execution. What had made New Zealand go ahead was its land settlement policy, but 13.000 people had walked off tlie land in the past three years. He proposed to make it possible for 50,000 to 100,000 people to get at least 25 acres of land and money to build their homes. At the conclusion of his address Sir Joseph refuted the allegations that he was broken down in health, and said he was good for years yet. The cheering when he sat down lasted for some minutes, and it was renewed when a vote of thanks and confidence in him as Deader of the United Party was carried. The audience rose to its feet and sang “For He’s a Jolly Good Fellow,” and he was loudly cheered again when he addressed the large crowd outside from the balcony.