USE OF PEOPLE'S SAVINGS

Hawke's Bay Herald-Tribune, Issue 205, 15 September 1937, Page 6

USE OF PEOPLE'S SAVINGS

-Press Association.)

Mr. Savage Explains His Statemenc NO RADiCAL DEPARTURE

(By Telegraph-

WELLINGTON, This Day. Replying to inquiries ^that had been made regarding the inferenee in his statement in the House of Representatives yesterday that the people'e savings Avere to be used to create publie assehs, the Prixue Minister, the Iit. H011. M. J. Savage, in an interview today made it clear that the Government inteiided to do onlj'-' Avhat previous Governments liad done, butf i£ possible, to invest savings in a inore intelligent way. "When I was talking about nsing the people 's savings to create assets, I j was not introducing any neiv idea at all," Mr. Savage said. "My object in life is to have suificient money available to alloAv people to enjoy what they are capable of produeing. I intend to bring a report doivm later shoAVing that in the matter of houses and public buildings we are £16,000,000 behind. We are limited only by labour and material, and Ave cannot possibly afford to be limited by laelc of money. "As long us wealth is crcated by spending the money, we •sliall be on perfectly saie ground. There will be no change at all except perhaps in the direction of a more intelligent use of savings. We will give greater c-onsid-eration to luvestment of people 's savings in the fulure than in the past. •There is a lot of room for argument so far as some of the securities field by tixe Fost Oifiee Savings Bank are concerned, but they are always backed by tfie State, and tbat makes them' sound. "Labour and materials being av^ailj ablo, Ave are not going to stop providj ing our people witli fiouses and our children Avith schools in whicli to be educated, not forgetting propcr school houses for our teachers. "As far as money -is concerned, our job is to develop tlie money system in New Zealaud to enable us to develop Ncav Zcaland for the bcnefit of the people of New Zcaland, and tlie' limit begins only when we start to turn out money without creating wealth — that is, by turning the handle of the" printing press. We do not belong to the printing-press brigade. ' '