CURRENCY CONTROL

Waipukurau Press, Volume XXX, Issue 272, 22 November 1935, Page 2

CURRENCY CONTROL

LABOUR’S PROPOSALS i LEADER AT HAMILTON (Per Press Association). HAMILTON, Last Night. Speaking at Hamilton last night. Mr. M. J. Savage, Leader of the Labour Party, met with an enthusiastic hearing from a packed audience. He said that it was the intention of the Labour Party to control currency and to make intelligent use of the public credit of the country. It did not want to destroy the savings of people; it wanted to pro-

tect those saving.s There were £50,000,000 invested in the Post Office Savings Bank, but if there was a run on the bank it would only be able to pay 2/6 in the pound. The bank, however, was thoroughly solvent as things were. One pound drawn out was only worth 16/1 compared with the par value of the pound. If 13/11 were multiplied by 50 million it would be seen how much the depreciation equalled. Dealing with guaranteed prices, Mr Savage said that Labour would have a revaluation of all securities in New Zealand. Butter fat prices would be based on the average of payments for the last eight or ten years. If it panned out at a shilling the party would begin at that. Mortgages would be adjusted on the same basis and the party would see that there would be no foreclosures during the process of revaluation. If a man could not make a living out of farming under normal conditions he was at the wrong job.