SOURCE OF FUNDS

Gisborne Herald, Volume LXVI, Issue 20025, 25 August 1939, Page 5

SOURCE OF FUNDS

DOMINION OUTLAY QUERY BY OPPOSITION POSITION OF INDUSTRY ATTITUDE TO DEBT . COLLAPSE OF SYSTEM (Parliamentary Reporter.) WELLINGTON, this day. “We are going some,” suggested, the Leader of the Opposition, the Hon. Adam Hamilton, in the House of. Representatives, yesterday, after he had read to the House the amounts borrowed every year since the Labour Government took office. “No wonder there is an air of prosperity around with this huge borrowing and record taxation collection,” he continued. “I would like the acting Minister of Finance to tell us where he is going to get all the money. I was counting the time and he took only five minutes to explain the expenditure of £22,700,000.”

The Hon. P, Fraser: I thought I took too long.

•Mr. Hamilton: The Government are much happier when explaining fhdir spending rather than the taxation (bill. It spreads itself on spending. Look around the Government benches this afternoon and see the interest they are taking in a Finance Bill of this magnitude.

Mr. A. S. Richard's (Lab., Roskill): That, is not fair. There are committees fitting.

The Leader of the Opposition repeated hlis request to be told where the money was coming from, because there was £9,500,000 yet to be borrowed.

Mr. E. P. Meachen (Lab., Marlborough): Would you ask if it was for defence?

Mr. Hamilton went on to declare that all this expenditure would not increase production, because it would attract' men away from productive Industry and l private enterprise. Nothing was so certain to shake the confidence and morale of the people as irresponsible, baseless attacks on the system of finance.

It was clear (that a large section of Labour members looked forward to a debt crisis that would give them the opportunity they were waiting for to bring about a collapse of the interestpaying structure.

Mr. J. G. Barclay (Lab., Marsden) That is not fair.

Mr. Hamilton: Then let the Minister put us right on this question, We would be glad l to have it refuted, especially from the back benchers of the Government party, that they are not worried about debt and that the sooner it piles up and breaks down the better. Mr. Fraser: Quite wrong. Mr. Hamilton: The Minister might be quite wise if he assured the public.

Mr. Fraser: I cannot go on repeating assurances I have given. I might raise doubts by giving unnecessary assurances.