LABOUR'S POLICY

Evening Post, Volume CXXVI, Issue 86, 8 October 1938, Page 22

LABOUR'S POLICY

EFFECT ON INDUSTRY

MR. NASH MAKES COMPARISONS

Figures to show how the Labour Government's policy had stimulated industry and increased the purchasing power of the people were quoted by the Minister of Finance (the Hon. W. Nash) in a speech at Woburn last night, when he made a comprehensive comparison of the position in 1935 with the present position.

Mr. Nash said that freedom in the accepted sense meant enough money coming in week by week to ensure a proper standard of comfort, and that was only possible by a reasonable, rational, and logical distribution of the country's income. As an indication of how the Labour Government had speeded up the circulation of money, he quoted figures to show that farm production had increased from £47,900,----000 in 1935 to £88,600,000 in 1937; factory production had increased from £79,300,000 to £105,000,000 in the same period; manufacture and purchase of clothing had increased from £2,958,000 to £3,665,000. The purchase of farm machinery had shown a big increase from £493,000 to £1,091,000—0r 121 per cent. Marriage figures had been a record because young people could afford to get married, and the value of furniture purchased had risen from £774,000 in 1935 to £1,380,000 in 1937.

Mr. Nash continued that the total wages bill had risen from £66,000,000 to £100,000,000, He had heard people say that wages had gone up all right, but so had the cost of living, and the National Party was quoting examples of how groceries, for instance, had risen in price. But he wanted to point out that while the cost of living had risen by a little over 13 per cent, the net increase in wages was 25 per cent., so that effective wages had risen by more than 10 per cent. The real test, however, was the total income that came into the home week by week and year by year, and that had gone up by 50 per cent. Factory wages, said Mr. Nash, had increased from £13,000,000 to £18,000,000, while the profits on fifty companies had risen from £3,799,000 in 1935 to £4,832,000 in 1937. In addition to that the amusement tax had gone up 100 per cent. That was a splendid indication. "And here is something that I wish could be blazoned abroad," said Mr. Nash. "It concerns confectionery—the lollies that the young people are fond of. In 1935 there were 9555 tons consumed;

in 1937 the amount had increased to 11,612 tons.

"And here is another thing. There are 125,000 more radios in the homes than in 1935. They are very useful things, and they are the most effective sales agency for selling the policy of the Labour Government that has ever been introduced in this country or any other," declared Mr. Nash.