“ALL WRONG”

Wanganui Chronicle, Volume LXXXIII, Issue 20183, 27 June 1928, Page 7

“ALL WRONG”

REFORM S METHODS Mr Holland Talks at Length on Land Matters SPEECH AT H/|PTING9 L Ter Press Association. J HASTINGS, June 26. Mr H. E. Honaud, Leaner of the Oppobitioiq cuimtudcd his prc-sessional tour at Hastings to-night, when he addressed a large audience. He uevutau practically the whole spewed to tuc laud question, critisicing me liciurm L'urty s policy. The speaker look his hearers back io 1912, when, tnc Relo.mers chaliengcd the Liberals, denouncing them, and at the same time making an kinds of promises. the Liberals, during 15 years, increased the National Dent by x20,0u0,000, but the Reformers, during u similar period, exclusive of war loans, increased tho debt by £80,000,000. Mr jnojlana suid he urvierstooti from the Presiucnt of the Farmers’ Union I that some figures were omitted from | the year booK and he could not ascertain tuc position properly. The Reformers proclaimed themselves the friend:, oi the 1 armors and made many promises. Air Holland stated there were 43,500,000 acres of rural land in New Zealand, in 86,000 hoviings. Of the holders of rural lands, nearly 700 heU 30,000,000 acres, leaving 113,500,000 acres among 78.000 holdings. Referring to larger holdings, Air Holland stated that the Gov wnment diminished une only during le t year. He admitted that they must consider the value besii'lcs the area to iu<<gc whether holdings were large or snail. Dealing with the evils oi mortgages, the speaker said Mr Coates the famers he would them, tec freehold. How many owned freehold » If the merchants and banks held th»' title deeds it was not really freehold — I only mortgage holdMr Holland quoted figures showing I that during the .Reform regime registered mortgages had in<*’oasoil 242 per cent, while capital value had trie reased only 92 per cent. Instead ef I giving the freehold, the Reform ga.e i a Dominion-wide mortgage-hold, whi-h i was a strangle-hold on the country. Interest on registered mortgages was something for farmers to consider. The total annual interest bill, at 6 1-3 per cent, was over £19,000,000, and 55 per cent, of it was on rural lands. They should realise hat the farmers shared the great burden of £10,000,000. The large percentage of mortgages were carrying the heavy end of the interest hill.

While overseas banks had reduced the bank interest rate the Now Zealand associated banks hari lifted the rate from 6J to 7 per cent, and the Government never raised a hand to

combat the action of the financial institutions.

Mr Holland dealt with the evils of land transfers, and said that during 16 years there had been 484.000 transactions —about three for every holder during the period under consideration. The money of the transfers totalled £513,000,000 and the costs involved, were five per cent., making the total cost nearly £26,000,000 in transferring from one set of holders to another. He did not contend that all this was not necessary, bur a large proportion were due to mortgages. Mr Holland challenged any small farmer to prove that he received bene* fit from the reduced land taxation, and quoted figures to show that tho only benefits received were where owners had large taxable balances.