MR. E. de MALMANCHE GIVEN GOOD RECEPTION AT BULLS MEETING

Wanganui Chronicle, 8 November 1949, Page 2

MR. E. de MALMANCHE GIVEN GOOD RECEPTION AT BULLS MEETING

BULLS, Yesterday (O.C.).— A motion of thanks and confidence, carried without a dissentient vote, was accorded Mr. Eric de Malmanche, Labour candidate for Rangitikei, when he opened his campaign in Bulls, barely a fortnight after he had been nominated to fill the vacancy caused by the withdrawal of Mr. G. D. Bary. There were about 70 people present and the candidate was supported by Mr. Ritchie McDonald. Labour member for Ponsonby, both speakers being accorded an attentive hearing, entirely free from interjections. Mr. Rupert Mackay, chairjpan of the Bulls Town Board, presided, and when introducing Mr. de Malcanchie, drew attention to the fact tltfit two former Ministers of the Crown (Messri H. T. Armstrong and F. Langstone) and Mr. O. Wilson, M.P., were old Bulls residents. Although Mr. de Malmanche was but a comparatively new arrival in the district, where he had taken up farming, he had not been long in his espousal of a political career, Mr. Mackay added. Mr. de Malmanchhe opened by acknowlednig the honour conferred on him at being appointed to carry the banner of Labour in the Rangitikei electorate against a political party which everyone knew would repeat their actions prior to the advent of the Labour Government. The National Party’s first objective was to correct the effects of 14 years of Socialism, and, said the speaker, “if Socialism is what we’ve had for the last 14 years, give us a lot more of it.” One of the first things the Government had done on attaining office in 1935 was the acquiringtof the Reserve Bank as a State institution, making the control of credit and currency in the interests of the whole of 11? people instead of private interests. “SERVANT OF THE PEOPLE.” The Labour Party held that money should be the servant of the people, rather than the people being the servant of money. According to Mr. Holland’s manifesto, the National Party intended to give it back to private interests should Mr. Holland's party become the Government of tomorrow, “but tomorrow never comes,” the speaker added. As an example of the benefits of control of credit and currency, Mr. de Malmanche cited the financing of the State housing scheme, w'hereby money was obtained from the Reserve Bank at 11 per cent., as against 4 to 6 per cent, charged by private individuals. It had been the opinion of the late Mr. Larkworthy, who was probably New Zealand's most outstanding banker, and later became an ardent currency reformer, that it was the duty of the State alone to issue sufficient credit for the needs of the community. The speaker did not profess to be a financial expert, but was proud to represent the party which had taken full and effective control of the credit and currency of the Dominion in the interests of the masses of the people for their welfare and advancement. Mr. de Malmanche said that Rangitikei was largely a farming community and drew a comparison with conditions obtaining on the land prior to the Labour Government taking office and how the farmers were situated today. Quoting from the Dairy Industry Commission’s report, he said that 49.3 per cent, of the Land and Survey Department dairy farmers were in arrears with their mortgages, and a similar state of affairs existed in the case of mortgagors on Public Trust and State Advances dairy farms, the numerical total of which'stood at 10,958. Illustrating the advantages of orderly marketing under the guaranteed price system instituted by the' Labour Government in 1939, the average income of a dairy farmer milking 53 cows, each producing some £l5, wac £341. In 1945 the average number of cows milked was 57, and with eacli cow returning an average of £l9, the dairy farmer’s income had risen to £452. These figures, said the speaker, had been compiled by the Census Department and deductions had been made for average expenses for wages, rents interests, maintenance and other farm costs. In 1935 there wer e 17,200 milking machines in use, a number doubled last year, when no fewer than 23,423 farm tractors were working, compared with a mere 5349 in 193 b. Topdressing of grasslands had increased from the 2.882,000 acres in 1935 to 4,684,000 in 1947, and the same upward trend was apparent in land transfers, which rose from £15,600,000 in 1936 to £38,400,000 in 1949. ECONOMIC SECURITY. Mr. de Malmanche said that these figures showed unmistakably that the dairy farmer had more stability and economic security under the Government's marketing system, which reduced commission costs on the sale of produce in England, and resulted in better marketing arrangements for its distribution. Recently a seven-year agreement had been made with England for a bulk supply, under which the price may vary to a maximum of no more or less then 7J per cent. The dairy farmer had never been in a more stable position and he knew what he was to receive 12 months ahead, thus enabling him to budget with confidence. “And being a dairy farmer myself,” said the speaker, “I know what this means. “In addition to providing security and an adequate income under all circumstances, the guaranteed price structure was calculated to set off surplusses against possible deficits, and after 14 years of operation the Dairy Pool Account had a reserve of £12,000,000, which was to be used to offset any overseas price recession. Everyone knew that £12,000,000 would not go very far if a recession continued for any length of time, and in that case the Government would solve the problem by using the public credit through the Reserve Bank. “That is why it is so important for the State to have control of credit and currency in the interests of New Zealand's economy,” Mr. de Malmanche said. "Not as the National Party states, that they will pass it back to private individuals for good or for evil.” Concluding, the speaker said that If elected he would devote all, of his time looking after the interests of the electorate, which was more than could be said of the present member.