UNDISGUISED SOCIALISM

Hawke's Bay Herald-Tribune, Issue 183, 20 August 1937, Page 7

UNDISGUISED SOCIALISM

-Prcsa Association.

Mr. Cobbe on Government's Policy ISSUE FOR THE FARMERS

I3y Telegraph-

PALMERSTON N., Last Night. Dealing with the Primary Products Marketing Act in his ad&ress at Halcombe last cvening tho Hon. J. G. Cobbc, M.P., said that the Act was an cxample of socialism, naked, unblushing and unashamed'. "Wh6n thc Bill was before the House I heard oue -of' the Socialist Members say, when spoaking on the question, 'Thc whole policy or purpose of our party is to attaiu our end, which wO i'rankly admit is socialism — for we have ncver disguised that we are a socialistic party and we hhve no reason- to disguise it.' This Act allows the Government to talce the fruits of tho farmer 's industry and entcr into business with that which tho farmer produces. And as time goe3 od, and the inevitable inflatiou comes into operation in New Zealand, tlio sound money paid ovcrseas for thc l'atmcrs' produco will be rctaiucd there to mcct- intCrest and pay for imporls, while the New Zealand produccr niay be paid iti homc-made notcs, the purchasing v'Aluo of which fi'ill dCpend upon tho volume of issue. In tliis conncction it should b6 reuiembcfcd it is a wcll-cstablished economic axiom, 'that the best ''sccurcd" money will full bclow par if issucd in excess, because no devico can maintain its .•aluo in i'acc of a redundant supply.' "In spite of the eiperienco of otncr •ountrios which liavC suffercd through inflation, the Government go blindly on, issuing notes by the million, recklo&s, likc a balloon that has broken from its mOorings, and W'hose limit is thosky. ' '