POLICY OUTLINED.

Auckland Star, Volume LIX, Issue 236, 5 October 1928, Page 7

POLICY OUTLINED.

LABOUR AND FINANCE.

Control Of Bask Of England By Public.

DOWN ON IDLE RICH,

(Australian Press Assn.—United Service.)

(Received 9.30 a.m.) LONDON, October 4. Mr. Philip Snowden, M.P. (Lab., Colne Valley) expounded Labour's financial policy at the Birmingham Conference, and pointed out that the official policy favoured control of the Bank of England by a public corporation. It also stood for the extension of facilities to "small" people through' municipal and co-operative banks and for ensuring that the available credit shall firstly be employed in national enterprises. He said that Mr. J. Wheatley's idea of subdividing the total wealth equitably was impracticable and unreasonable. Altogether £40,000,000 of indirect taxation had been imposed in four years and Labour would repeal it in favour of direct taxation. He feared that the resources of ordinary income tax were exhausted. He strongly favoured surtax and a differentiation between earned and unearned income. It was wholly indefensible that a man who amassed a huge fortune should have the right to bequeath it where he liked and so enable people to live without working. He supported the taxation of land values and denied that it was inconsistent with nationalisation 'of land. The Bank of England should be controlled by a public corporation established by Parliament, but he did not believe the time was ripe to nationalise commercial banks because, as things were, businessmen must have alternative sources of credit. "Those engaged in honest trade and industry need not fear us," he said. "Only the rich idler need fear Labour's financial policy." Mr. J. Maxton, M.P. (Glasgow) asked whether the acceptance of the official policy as laid down in the party's report involved acquiescence in Mr. Snowden's views. The chairman replied in the negative. Mr. Maxton wanted to discuss Mr. Snowden's opinions, but the chairman prohibited argument. Uproar followed, Mr. Maxton saying that he wanted to ensure that the Labour organisations controlled future Cabinets.