STATE CONTROL

Wanganui Chronicle, Volume 71, Issue 237, 6 October 1928, Page 9

STATE CONTROL

LABOUR CONFERENCE VIEWS ON FINANCIAL POLICY [ Australian Press Assn. } LONDON, Oct. 4. Mr Philip Snowden, expounding his views on Labour’s financial policy at the Birmingham Conference, pointed out that the official policy favoured control of the Bank of England by a public corporation and an extension of facilities to small people through municipal co-opciative banks, also ensuring that the available credit shall firstly be employed iu national enterprises. He said that Mr Wheatley’s idea of subsidising the total wealth equitably was impracticable and unreasonable. A sum of £4,000,000 in indirect taxation had been imposed in four years. Labour would repeal it in favour -if diriect taxation. He feared that the resources of ordinary income tax were exhaustible. He strongly favoured a surtax i and differentiation between unearned and earned income. It was wholly indefensible that a man who amassed a huge fortune should have the right to bequeath where he liked and so enable people to live without working. He favoured taxation on land values, and denied that it was inconsistent with the nationalisation of the land.

The Bank of England should be controlled by a public corporation established by Parliament, but Le did not believe that the time was ripe to nationalise the commercial banks, because as things were ousinessmen must have alternative sources of credit. “Those engaged in honest trade and industry need not fear us. Only the rich idler need fear Labour’s financial policy.” Mr Max ton asked whether acceptance of the official policy, as laid down in the party’s report involved acquiescence in Mr Snowden’s views. The chairman replied in the negative. Mr Maxton wanted to discuss Mr Snowden’s opinions, but the chairman prohioiteu an argument, and an uproar followed, Air Maxton saying that he wanted to ensure that the Labour organisations controlled future Cabinets. NEW PRESIDENT MR HERBERT MORRISON [ Australian Press Assn. ] Received Oct. 5, 11 p.m. LONDON, Oct. 5. Mr Herbert Morrison, secretary of the London branch was elected chairman of the Labour Party in succession to Air Lansbury, and Aliss Susan Lawrence, Commoner, deputy-chair-man, **