NO REPUDIATION
SAVINGS BANK INTEREST
LABOUR WILL RAISE IT
Allegations made by Mr. Johnston that the Labour Party would repudiate the payment of interest on Post Office Savings Bank deposits were described by Mr. Walter Nash at Koro Koro as absurd. 3Tor was it not absurd to suggest that the Labour Party, standing as it did for the working class, would take the interest from the 600,000 depositors with amounts of £50 or less to their credit?
Mr. Nash said that what Labour probably would do would be to raise the interest rate payable on small accounts. Revenue could be got by imposing a tax on large incomes. Tho Post Office Savings Bank was the finest monument that had ever been erected to the principle, of Socialism, for which the Labour Party stood, and it was therefore absurd to suggest any restriction of this principle by the Labour Party.
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https://paperspast.natlib.govt.nz/newspapers/EP19291206.2.124
Bibliographic details
Evening Post, Volume CVIII, Issue 137, 6 December 1929, Page 13
Word Count
149NO REPUDIATION Evening Post, Volume CVIII, Issue 137, 6 December 1929, Page 13
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