FINAL PROTEST MADE

Taranaki Daily News, 14 March 1935, Page 7

FINAL PROTEST MADE

MORTGAGE CORPORATION MR. W. J. POLSON’S DECLARATION, ATTITUDE OF THE FARMERS. "GOVERNMENT’S LOST CHANCE.” By Telegraph—Press Association. Wellington, Last Night. "I have taken a definite line entirely opposed to the attitude Of the Government. I have taken that line after giving great consideration to the matter, and I believe that it is the right' line' to take. I will continue to take it whenever the Government’s policy does, not fit in with the 'views I hold and principles I support. I would rather lose in a cause that some day will triumph than triumph in a cause that some day Will fail,” This declaration was made by Mr. W. J. Polson in the House of Representatives to-night when registering his final protest against the passage of the Mortgage Corporation Bill. “To my rttind,” Mr. Polson added, “It is clear that party loyalty has transcended the.wishes of the country in regard to this measure. I cannot put myself in that position. I am here to represent the country and to do the best I can, and I am not going to make—” Mr. Coates: I do not object to any member voting as he thinks right. Mr. Polson: You have taken very violent objection to my voting. Mr. Coates said Mr. Polson had not Stated his opinion clearly to the meetings he had addressed on the question Of the State guarantee of bonds.

Mr. Polson said the farmers were naturally anxious for all the assistance that coUld be given them, but the Bill was hot acceptable, to them. He had endeavoured to have shareholder capital eliminated and to secure other improvements Which he considered essential. He Had not succeeded in achieving anything in that connection, but he was satisfied the attitude he had taken Up was the attitude of the primary producers and the people he represented, not only in his electorate but in another capacity. "WARPED JUDGMENT.” “I th’ink the Minister has .allowed certain interests to warp his judgment and to misguide him in the attitude he has taken Up,’* said Mr. Polson. . "I regret it very much. The Minister had a great opportunity Of incurring the undying gratitude of the whole farming community by bringing down a Bill of real benefit,, but he refused to accept that opportunity. He has taken upon his shoulders the responsibility of putting the clock back 30 or 46 years in this country, of going back to the period when capital dictated to the country entirely. Does he want us to get back into that position again? He must realise that, that Is not of any service to the farming community.” o ■ Mr. Polson’ said Mr. Coates had read a message from Mayfield With the idea of showing that the farmers were not unanimous over the Bill, but he had received unanimous resolutions from farmers throughout the country, and from provincial executives and the national executive of the Farmers’ Union supporting the action he had taken. The resolutions came from southern and northern branches. . "I Could have read a deluge of resolutions,” said Mr. Polson. "I had one from a large meeting in the Minister’s own electorate unanimously condemning the Bill and supporting my oWn act.” Mr. Coates: Ate you opposing me in my electorate? Mr. Veitch: You will not need such a strong man as that. Mr. Polson: I have, every intention of .sticking to my own electorate, which has been very kind to me, and I hope it Will continue to be so. Mr. Coates: Ditto. I am of that mind. FARMERS' RESOLUTIONS. Mr Polson said he had received a resolution from South Auckland endorsing his attitude and condemning the Bill. The Bill had no friends, and nd section of the community was supporting it. The Minister must know that there was a great deal of feeling among Government supporters over it. In the last day or two Mr. H. G. Dickie had addressed a meeting in his own district and had stated that if it were possible for the corporation to carry on without share capital it would be best to do without it There was a loyal member of the party expressing his opinion that shareholder capital was a mistake, and he was wondering how many there Were in the ranks of the Government who agreed with the Independents and the Opposition, who believed that that very important principle was unsound If a majority of the House agreed it was unsound what was the position of the Minister in insisting that the Bill go through? "I say that to my mind it is clear,” Mr. Polson said. “Shareholder control will be fatal to the raising of money at the lowest possible rate of interest The Government is doing a disservice to the farming community by creating a position that means a hgher rate of interest. There are half a dozen ways of overcoming the difficulty. One is for the Government to build up a reserve fund as good as a guarantee, which would mean that the securities Would be equal to State securities.” . Mr. Coates:’ You were one of the commission that recommended that bonds should not be guaranteed. Mr. Polson Said the State was behind the bonds but was repudiating its liability.