STATE BANK,

Dominion, Volume 6, Issue 1814, 29 July 1913, Page 6

STATE BANK,

"As to tho business side of the Social Democratic Party's platform there is no getting behind the fact that it is thoroughly possible and workable," is tho opinion of Mr. J. Payne, H.IV, as ex?rcssed in an address delivered in' tho 'rades Hall last night. Mr. Payne's subject was "Tho Social Democratic Party from a Business Standpoint." There were between twenty and thirty people in attendance, and over tlicso Mr. J. Gandy presided. Mr. Payne said that ho did not think there was "any need for us to bo led astray by tho cry about tho Tied Feds' in the press." "Until wo have power politically, wo must not let go the power wo have in tho strike," he observed. He did not think that anyono present was so foolish as bo imagino that tho party would secure tho means of the distribution of wealth within the next few months; but, still, they must steer for that port. In reply to those who said that under Socialism tliey would be unable to find capital for their undertakings, lie said that they had found capital for the Now Zealand railways, Post Offico, Life and Firo Insurance Departments, and State coal mines. Referring particularly to the plank in the party's platform which had for its object tho establishment of a State bank, with tho solo right of note issue, Mr. Payne said that if tho party did nothing elso tut bring in a Stato bauk it would confer incalculable good. Under banking to-day, what would happen if our wool or butter fell on tho London market? There would bo wholesale disaster in New Zealand. Ho suggested that if a State note issue was introduced the profits, from it should bo utilised by the State for a, workers' housing scheme.