INTERNAL LOAN
SUBSCRIPTION NOT COMPULSORY By Telegraph —press Association WELLINGTON, December 8. An emphatic denial of a report that the proposed internal loan to meet Public Works expenditure was likely to be compulsory was given to-day by the Prime Minister (the Rt. Hon. M. J. Savage), who said compulsion was unnecessary in a country like New Zealand. Mr Savage said that the Government’s monetary policy was to use the savings of the people, plus the public credit, for the development of New Zealand. His opponents had used it against him when he talked about using the people's savings, alleging that they would be commandeered, “but my opponents knew better than that,” he added. “We will borrow the people’s savings and pay a decent rate of interest and their investment will be as safe, and perhaps safer than overseas. I know people who are prepared to get a scare going because of the Government’s policy, but it is the curious brand of patriotism the same' people have been indulging in within the last few weeks.”
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Bibliographic details
Timaru Herald, Volume CXLV, Issue 21215, 9 December 1938, Page 8
Word Count
174INTERNAL LOAN Timaru Herald, Volume CXLV, Issue 21215, 9 December 1938, Page 8
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