MR CLYDE CARR’S ADDRESS.

Timaru Herald, Volume CXXXIV, Issue 18819, 6 March 1931, Page 13

MR CLYDE CARR’S ADDRESS.

To the Editor of the “ Timaru Herald.” Sir,—l came home after hearing Mr Clyde Carr’s speech and sat down to consider my position. I don’t spend much on smoking, drink or pictures, and I save as much as I can out of my salary. My wife helps by being as economical as possible in household expenses. So we have been able, over a period of years, to accumulate savings which we hope will be used to educate the children and to keep us when I get past the age for work. On the advice of a friend in business, I invested these savings in Bank shares, which were considered before this slump to i . as safe as the Government and slightly more profitable. As it turns out, half these savings have been lost in the slump, but I can’t help that. Like all other property owners we bought knowing that we had to take some risk. What I want Mr Carr to tell me is this: Are we (together with thousands of others who have small quantities of bank shares), objectionable capitalists? Are we (as he says) battening like parasites on the wage earner? We get a return of less than 52- per cent, on our money, which does not seem excessive; and the big holders of * \ares seem to be getting the same rate. Is it a crime or an anti-social act for us to save money and invest it. Would it be better for the community if we blew the lot on booze, pictures, Tatt’s tickets, smoke, or a wireless set on time payment. I think that by going without certain luxuries, such as these, we have actually created capital without any assistance from the people Mr Carr calls the wage slaves. Does Mr Carr suggest that we should all draw the same wage, and all spend it up to the hilt. If we did that, where would the money come from to pay the old age and war pensions, workers’ compensation, civil servants’ superannuation and salaries, and all the other expenses of the country? At the present time most of this money is got by taxing thrifty people who save. The more you save the more you are taxed. All this talk about some vague “money power” on the other side of the world is bunkum. The Socialists find it a useful bogey man with which to frighten the mass of voters. Let Mr Carr tell me in plain words, and with sufficient detail, how he would force people to provide capital for the needs of industry if no interest were to be paid. Broad statements about mobilising national credit and “Conscripting wealth” mean nothing. If all the other capitalists have done as well as I have out of this depression all I can say is that engineering slumps (Mr Carr says we do that) is a most disappointing business.—l am, etc., SIMPLE SIMON. Timaru, March 5..