MEMBER OUTLINES LABOUR’S POLICY.

Star (Christchurch), Volume XLIV, Issue 143, 18 June 1931, Page 7

MEMBER OUTLINES LABOUR’S POLICY.

MR LEE MARTIN GIVES ADDRESS AT MARSHLAND A more vigorous policy of settling Crown lands and the establishment of a State bank were two of the Labour Party’s proposals that would, if put into effect, benefit the country, stated Mr W. Lee Martin, Labour member for Raglan, addressing a meeting at Marshland last evening. This was the first of several addresses to be given by Mr Martin in Canterbury. The chairman (Mr William Wall), in introducing Mr Martin, said that he was a leading light in the Labour Party, and a successful farmer. “We are passing through critical times,” began Mr Martin, “ and it’s no use saying ‘ everything in the garden’s lovely.’ ” In his opinion, the conditions were man-made; they had passed from the individual stage to the combine, ti e largest of which was that controlling the credit of all the countries in the world They had to decide whether the combines should be servants or masters, and they were justified in thinking that a change should.be made. In 1912 the National Debt was £82,000.000 —the time when the Reform Government came in. During the days of Seddon some of the greatest legislation in the world was promoted, and that was the debt that had accumulated. But in 1928, when Reform went out, the debt was £24B,ooo,ooo—about £160,000,000 having been borrowed. Wasteful Expenditure. It could not be said that that money was spent to the best advantage, and the story would have been different if the money had been spent in the country. Over three and a half million pounds had been spent at Mangahao, and it was questionable whether it was now a success. Over two million pounds had been spent at Arapuni, and probably another million would be spent. Huge expenditure had been going on, and the wastefulness had been reflected among the local bodies and the citizens. To pay interest they had been borrowing on the London market at the rate of £5,500,000. Labour had placed the United Party on the Treasury benches and kept them in power for two years. The Prime Minister knew the position when he left for the Imperial Conference. The £3,000.000 deficit had grown to about £6,500.000 in the meantime. Then reductions in wages came, although Mr Forbes, before leaving the Dominion, had stated that there would be no retrenchment or wage reductions. Ha considered that Mr Forbes had been badly advised and had a distorted vision. There was more mofiey and more productive power in the country than, ever • there was, and the bottom

m hi m si m is u m mis® m m siii m m u i had by no means fallen out of the Dominion. Distribution of Wealth. “ We have a wonderful country and a wonderful people,” continued Mr Martin. Private wealth amounted to £754,500,000, Government wealth to £244,000,000 and local body wealth to £73,000,000. That meant a total of £1,072,000,000, which, excluding children, amounted to £IOOO a head for every man and woman. 41 We of the Labour Party stand for a State bank,” went on Mr Martin, declaring that the position could be eased by looking at the banking situaation. Sjx banks were operating in the country. Their representatives fixed the rate of interest and the whole business as it was carried on in New Zealand. The idea of a central bank was that when times became difficult money, was circulated to rectify the position. At present, however, finance was not available when times were difficult. The Labour Party would establish a State bank and the primary producers would have a source of money available in the agricultural bank. A State bank would lower the rate of interest and would give finance at the cheapest possible rate to these who were working the country. Land Settlement. Labour believed that the present position c6nld have been averted by land settlement, continued Mr Martin. Although Mr Ransom had made a step forward, the United Party was not carrying out its land policy. Labour believed that a more vigorous policy of settling Crown land would help. A man who was put on the land was partly secure from unemployment. The money was in the country and if it was not subscribed in loans it could be taken. Mr Martin said that the Labour Party had no idea of confiscating properties, but was trying to release the country from the gri-p of the mort-gage-holder. He believed that policy would benefit the whole of the community and bring a return of prosperity. Air IT. C. Revell, Labour candidate for the Kaiapoi electorate at the next election, briefly addressed the meeting. Mr Martin was accorded a vote of thanks.