BORROWING COMPETITION

Sun (Auckland), Volume II, Issue 510, 13 November 1928, Page 9

BORROWING COMPETITION

LABOUR NOT AN ENTRANT MR. W. E. PARRY’S ADDRESS “The only alternative policy to that of the present Administration is the platform of the Labour Party.” Thus Mr. W. E. Parry, official Labour candidate for City Central, prefaced his address to au enthusiastic assembly of electors at Beresford Street School last evening. “If you are dissatisfied with the Coates Government—and I take it you are—then you have only one alternative. and that is to cast your vote for Labour. . The United Party.” continued Mr. Parry, “eomes v forward attired in new political raiment, prepared to dispense the same medicine as the Reform Party, only in a dif-ferent-coloured bottle.” The speaker exhorted his listeners to scorn the borrowing ambitions of both parties. The people of New Zealand were under the impression, he said, that all this money was borrowed from the Mother Country. Such, however, was not. the case. The position was that the large financial and money lending offices in London were controlled for the most part by foreign shareholders. “The whole scheme of things has degenerated into a gigantic borrowing competition,” said Mr. Parry. Sir Joseph Ward was throwing himself with zest into the race.

Labour, continued the speaker, was in no way connected with this state of affairs. It steadfastly refused to be a competitor in the race. The speaker pointed out that when Mr. Bavin was campaigning in New South Wales before the elections he made it his catch phrase that, should he be returned to power, he could borrow more than anyone else. When his scheme was finally launched in England it hung fire; yet England was lending money to Germany—simply because the interest was higher. “London refused to take up the loan of Theodore, the Queensland Premier.” said Mr. Parry, “so he went to America, and received all he required. Immediately the Press set up a hue and cry about disloyalty; yet Peru and Germany were both floating loans with great success, in London, Which fact,” concluded the speaker, “goes to prove that ,money knows neither flag nor country.” The meeting closed with a hearty vote of thanks and confidence, and cheers for Labour.