SOCIALIST FINANCE

Wanganui Chronicle, Volume 79, Issue 32, 7 February 1935, Page 3

SOCIALIST FINANCE

NEW ZEALAND AND ENGLISH Ihe objective of the !!ngli>li ami New Zealand Socialist Labour Parlies are the same namely to substitute State ownership for our present systems ol private enterprise, Poth aim at the natioualisal ion of banking ami other key activities —also political con I rol of fiuanve ami invest im-nts. The only difference up t<» date, is 11-:ii declare how they will establish their objective, our New Zealand pa 11 y keeps that objective in the background and makes vague promises. I’hev will reform our momdarv sv>tem entirelv ami nationalise banking. but no! a vyord ot explanation as to how thev will do it Thev will guarantee, nr-, able prices for nur pro-luce without increasing taxation. This can be done, we are told, l-y “re-monetising (v\ hatover that meAns) bur butter from the present price to payable price.’’ They will cure iineinplovmeiii bv ‘ re mom-t is-ng their sorvives to a higher level in the same wav that is proposed for raising butler prices.” It all sound. o verv nice, but ninic of them will give the practical de tails of how this “ re-monet ising ” is to bo -lone. Dnes our Socialist-Labour Party propose Io dispossess the shareholders and depositors, in the hank to be “taken over" nr in the, industries to be na-

! lona I isc-1, without -•ompensa t ion ? British Socialists \ isiialise no compensa tion and have ITanklv said so. Ours are silent on this point. The question affects more small savings than generally realised lor there arc many thousands small sharidiidders in our banks and industries, ami the a\erage value controlled, is very low. Sir Stafford Uripps, Hie spokesman for l.iiglisii Socialists franklv admits that, his party's advent to power will cause a first class financial crisis, there fore th?v must secure financial control quickly before the people have, time Io safeguard their savings. As both parties have the same objecHve i we m<'iy assume the same results would obtain here. --Contribute-! bv the NewZealand Welfare League).