PEOPLE’S SAVINGS

Grey River Argus, 16 September 1937, Page 5

PEOPLE’S SAVINGS

SOUNDER USE Mr Savage on Public Credit NO PRINTING PRESS STUNT. [From Our-. Parliamentary Reporter.] PARLIAMENT BUILDINGS, September 15. Replying to inquiries that had been made regarding the inference in his 1 statement in the House of Representatives yesterday, that the people’s savings were to be used to create public assets, the Prime Minister (Rt. Hon. M. J. Savage), in an interview to-day, made it clear that the Government intended to do only what previous Governments had done, but if possible to invest the savings in a more intelligent way. “When I was talking aoout using the people’s savings to create public assets, I was not introducing any new idea at all,” said Mr. Savage. “My object in life is to have sufficient money available to allow the people enjoy what they are capable of producing.

HOUSING INVESTMENTS. I intend to bring a report down later showing that in the matter of houses and buildings, we are £16,000,000 behind. We arc limited only by labour and material, and we cannot possibly afford to be limited by Jack of money." “As long as wealth is created oy spending the money, we will be on 'perfectly safe ground,” said. L.e Prime Minister. There will be no change at all, except perhaps in the direction oi the more intelligent use of savings. We will give greater consideration to the investment of the people’s savings in the future than was done in the past.”

STATE BACKING. “There is a lot of room for argument so far as some of tne securities held by the Post Office Savings Bank are concerned, but they are always backed by the State and that makes them sound. Labour and materials being available, we are not going to stop providing our people with houses, and our children with schools, in which to be educated, and we are not forgetting proper school houses for our teachers. “So far as the money is concerned,” said Mr. Savage, “our job is to develop the money system in New Zealand to enable us to develop New Zealand for the benefit of the people of New Zealand, and the limit begins only when we start to turn out money without creating wealth, that is by turning the handle of a printing press. We do not belong to the printing press brigade.”