GENERAL ELECTION

Waikato Times, Volume 132, Issue 22064, 15 June 1943, Page 4

GENERAL ELECTION

RAGLAN CAMPAIGN OPENS ( MR BI'RTON AT TE KOWHAI Trenchant criticism of the Government's financial and economic policy, together with a sweeping condemnation of the Opposition for its lack of political vision, were the main features of Mr Stanley Burton’s ; opening address to the electors of ' Raglan at Te Kowhai last night. Mr Burton, who is standing as an Independent under the auspices of the Real Democracy Movement, is a farmer from Komakorau and is entering the political field in New Zealand for the first time. The candidate was well received by a largelyattended meeting. Mr C. A. Magner presided. Mr Burton said there could be no real reform, no real democracy, unless the electors had full control of their parliamentary representatives. “Administrators must be the servants of the people, but are they?” asked Mr Burton. “Do we get what we want? We get increased indebtedness instead of prosperity, war instead of peace, and so-called leaders instead of freedom.” Labour Party and Finance Mr Burton went on to say that the party member was pledged to his party, not to his electors. The Labour Party had betrayed its rank and file to follow the dictates of orthodox finance. The National Party had no ideas except that “the Labour Party must be kicked out, and that the people must not meddle with the financial system.” He quoted President Roosevelt’s statement, “It is my function to yield to pressure,” by which was meant the pressure of public opinion. He stood by that. The candidate then outlined the working of the existing financial system by which banks created credits based on callateral securities, either individual or national. Thus the community went ever deeper and deeper into debt and the people had to work harder and produce more for the money necessary to carry on, which he defined as “the license to live.” Mr Burton quoted figures to show how the country had plunged into increased indebtedness until, notwithstanding the progressive writing up of valuation assessments, the time would arrive when both Government and local bodies would be unable to meet their obligations unless the financial system were altered. “In the last 60 years you have had extracted from you in repayments and interest more than £700.000,000, yet you still owe most of the original debts. The harder you work the more is taken from you,” declared Mr Burton. Against Federal Union The speaker issued a warning against proposals for a federal world union which would mean throwing over the Dominion’s sovereignty as a constitutional democracy. “Our standard of living depends upon our capacity to produce wealth, not upon gold or upon what vested interests here or overseas think we ought to have. What we cannot produce we import and pay for with our exports, but we are in danger of losing everything if we do not get control of our parliamentary representatives,” said Mr Burton. The people had the power through the ballot box to remedy these evils, but if they failed to use their power they had no cause to complain of the bondage which would be imposed on them. The candidate then answered a large number of questions. Asked how the financial system was to be remedied, he replied that money in future must be issued by the Reserve Bank free of debt. If it could be done today for the war it could be done in future for the peace. War Loan Contributions Asked whether if the loan of £35,000,000 were all issued by the Reserve Bank that would not cause Inflation, Mr Burton said it would not because most of the money for war loans were fresh creations of credit by the banks in any case. He produced figures to show that subscriptions so far averaged £1250 per subscriber. How many people could lend £1250? Did it not indicate that most of the money was coming from institutions which could create credits? “Do you object to paying interest on all money, for some people have invested savings for their children or their old age?” was a question. “Most emphatically no,” replied Mr Burton. “I distinguish between hard money, hard earned by the people, and sqft money, softly created by the banks.” The candidate said a beginning in issuing money could be made by reducing rates 50 per cent, the balance to be made up by the Reserve Bank. “As the Real Democracy Movement is endorsing several Independents, will you not be a party when you get in?” asked a questioner. “Not necessarily,” replied Mr Burton. “Probably we should elect a leader from among ourselves, but our pledges to our own electors would come first.” On the motion of Mr S. R. Cox and Mr F. L. Onion the candidate was accorded a vote of thanks.