CURRENT COMMENT

Waipukurau Press, Volume XXVIII, Issue 131, 28 May 1932, Page 7

CURRENT COMMENT

ON NATIONAL SUBJECTS FINANCE BY BALLOT How can we help the producer, who is the backbone and mainstay of our country, asks a correspondent in an open letter to the Minister of Finance published in an exchange. Not by writing down or any of the fallacious ideas springing up like mushrooms —but give them low interest. Interest at 4 a per cent, with a sinking fund of another J per cent, or 5 per cent in all. Give them longterm loans, not short-dated 5 years with revaluations, extension of mortgages, new mortgages, etc., etc., with the intense worry connected therewith. Make them reduce their liability by compulsory reduction of even only B per cent, per acre —by this means you will have no further fear of future slumps having the effect they have to-day. Take away youi’ limit of £3500 —let it be open to all the two-acre man and the 1000acre man. Where is this money to come from? There is ample in New Zealand awaiting safe investment. Pay off all private mortgages —leaving these moneys for private enterprise or building, etc., etc., and at probably a cheaper rate. To assure the money for producers, let the Government raise a loan —no restriction on the amounts, but say, for a million to start with. For every million or part raised issue £1 bonds, interest nominally 4 per cent., but 2 per cent, only to be paid out say annually, the other 2 per cent, to be funded and distributed by ballot as follows: Every month one £5OO, one £250, one £l5O, and 76 at £lO each. The above would amount to £19,920 per annum. As 2 per cent, on a million would equal £20,000, the balance could be carried on. In no sense can this be put on a par with the inane sweepstakes or lotteries. Tn it the subscribers have always their pound intact bearing interest unless they win in a ballot and all must win sometime. They simply pool for the benefit of themselves the 2 per cent. One condition would be the successful ballot drawers would return their £1 bond to the Government to be cancelled. This would be a gain to the Government of £948 per annum and would act as a sinking fund. Hundreds of thousands of pounds are sent out of New Zealand for sweepstakes, and also spent in our country in lotteries. Only about 25 per cent, of that amount is returned in way of prizes. The proceeds from art unions are spent on show grounds, aviation, etc., etc., which in no way can be called reproductive. Why not use your money for the advancement of your own country? Help your own people, the producers, and help yourselves by investing on a

safe and sure proposition with a cer tainty of drawing a very handsome bonus. RAILWAY BOARD CRITICISED Railways and the Railway Board were criticised by delegates to the annual provincial conference of the Auckland branch of the Farmers’ Union. Particular reference was made to the policy of suspending completion on lines which were almost finished, and the Kirikopuni-Darga-ville line was specially mentioned. The opinion was expressed that seeing there was only about a mile of rails to be laid, the decision should be made even now to link Dargaville with Auckland. The stoppage of this and other railvvay works was not, it was stated, in the interests of the country, opinion being expressed that the Government should see that the railway transport of the Dominion should be the cheapest. It would have been more reasonable to have unemployed on the line to Dargaville than to have them engaged in unproductive works. The following resolution was carried by 28 votes to 10: ‘‘That this conference considers that handing over the railways to a board has been prejudicial to public interests, and calls upon Parliament to resume its proper responsibilities in control of the railways.”