LABOUR'S FISCAL POLICY

Taranaki Daily News, 6 October 1928, Page 13

LABOUR'S FISCAL POLICY

BANK OF ENGLAND CONTROL SUB-DIVISION OF WEALTH I ONLY THE RICH NEED FEAH By —Press .Assn.-- Copyright. Australian Press Association. United Service. ’ London, Oct. < Expounding his views on Labour’s financial policy at tho Birmingham conference, Mr. P. Snowden, who was Chancellor of . tho Exchequer in Mr. MacDonald's Ministry pointed out that tho official policy favoured control of the’ Bank of England by a public corporation and the extension of facilities to small people through mtihieipal cooperative banks, aleo ensuring that available credit should firstly be employed in national enterprises. Ho said Mr. Wheatley’s idea of tho subdivision of the total wealth equitably was impracticable and unreasonable, Forty millions in indirect taxation had been imposed in four years; Labour would repeat it in favour of direct taxation, lie feared tho resources of tho ordinary income-tax were exhausted. Mr. Snowden strongly favoured a surtax and differentiation between unearned and earned income. It was wholly indefensible that a man who amassed a huge fortune should have tho right to bequeath it where he liked, end so enable people to live without working, Ho favoured taxation on land values, and denied that it was inconsistent with nationalisation of the land. The Bank of England should be controlled by a public corporation established by Parliament, but he did not believe the-time was ripe to nationalise commercial banks, because, as things were,; business men must have alternative sources of credit. Those engaged in honest trade and industry need not fear; only tho rich idler need fear Labour’s financial policy. Mr. Maxton asked whether the acceptance of the official policy, as laid down in the party’s report, involved acquiescence in Mr. Snojvdep’p views.. The chairman replied in tile negative* Mr, Maxton waited., to discuse Mr, Snowden’s opinions, but tho chairman prohibited an argument. ;j An uproar . followed, Mr, Max ton saying that he wanted to ensure that tjjp,.Labour organisations should qbntpo-t. .future Cabinets. ... ~ ./s

LABOUR’S TARIFF -I‘DLICY. “TOTAL EXCLUSION THE REMEDY? Received October 5, 8.30 p.m. London, Oct. 4. tariff policy is hot tho eamt as tho Liberals,” said Mr. Ramsay MacDonald at Birmingham, He added: “If British goods are unable to compete with sweated products from foreign countries without reducing wages tho remedy does not consist of tariffs and safeguarding, but of total exclusion. Before Labour can alter its attitude towards fret trade and protection the subject must be fully debated by all the constituent bodies.” Mr. MacDonald suggested an international conference to equalise the standards of living in the different countries. I'