TOLL OF INTEREST

Evening Post, Volume CXVI, Issue 77, 28 September 1933, Page 17

TOLL OF INTEREST

OVERSEAS LOANS

DEMANDS OF BONDHOLDERS

Speaking in the Hoi^se of Eoprcscntatives last night, Mr. W. J. Jordan (Labour, Mamikau) said that the World Economic and -Monetary Conferi euce had done nothing—perhaps it would liavo been more serious had the Conference done something. Tho same thing had happened at Ottawa.. At tho London Conference Mr. Kariisay MucDonald had stated that wages, conditions, hours of work, and the speculation' ; and ■■. gambling in .foodstuffs , would not be discussed. There ■ was to- be no attempt-to raise the staEdard of living which in New Zealand and Australia had been lowered at tho instance of the foreign, bondholders, who had transmitted their demands through Sir Otto Niemeyer. .These, bondholders had . been determined to.be paid in full, and had demanded that the standard of living, should be lowered in order that they could get their money. The attitude of the English money lenders Could be gleaned from the :faet that they were lending money to Austria at £3 2s 6d per cent., as against a.rate of £6 3s 4d per cent, for a loan to New. Zealand. ;A few years ago- tho British., soldiers were looking down a rifle at the ; Cheap money had also been advanced to Germany, luit ,the means tpst to-the widow was being applied in order that Ne>y Zealand should meet her interest in full. The Labour Party advocated tho payment of everybody in full, but if everybody could not be paid in full, then everybody that could be should be paid in part. The New Zealand Government was willing to subject its people to starvation rather than compromise witli the overseas money lenders. .A.j conversion loan was preferable to re-] diicing pensions , and causing widespread misery. The leaders of tho Christian churches were protesting against tho conditions of the. people, and it was time that action was taken to ensure happiness in the homes of the people. •' ' '