SIR JOSEPH WARD.

Hokitika Guardian, 19 March 1923, Page 4

SIR JOSEPH WARD.

TNTEH FASTING P ROPOSA LS. TO FINANCE THE COUNTRY. TE PUKE, March lfi The subject of the moratorium was touched upon by Sir Joseph Ward in , his speeches to-day. The moratorium, he said, was brought in for war purposes and its continuance prevented competition in money lending. The ordinary private individual who wanted to lend money to farmers in New Zealand was almost barred from doing so. The moratorium had to be removed. The point was when to remove it. Tt ought to have been removed directly the war was over. If it was now removed immediately it would do immense harm. We needed to have cheap money available for the time when the moratorium was removed, and we needed a big sum. If people could getmoney for a satisfactory term at not more than of per cent they would feel assured that, all would he well. In tlie past he had had a hard fight fur the State advances scheme, not only in Parliament but throughout the counjry. The leader of the side supporting ins opponent called the scheme a “State pawnshop,” yet the fact was it had proved one of the greatest blessings (•(inferred on this country. A sum of thirty-four millions had been loaned out. under that scheme. Means had to ho taken to obtain the money required in this country. ||e pul an agricultural hank into his Rmlgel in lflll and lie believed such hanks were necessary at the present moment, but in addition, and independently, we needed a large sum of money to pro, '■('in a large number of men from going to ruin. In respect to the lifting of the moratorium he would not go to England for his money, and instead of drawing money away from here would issue Government bonds. He would make it a condition that those who completed the public Horks contracts would he paid in A per cent Government stock, and so we would avoid borrowing on the London market. Tluu would pave the way for obtaining twenty-live millions if we required it. As to advancing money for workers to build homes lie would advance that money front the Post Office Savings Rank. At present the Government used that money for roads and tydroelectrie works. It was no use his npjxinents saying he was advocating impracticable schemes. His opponents had said that ol his schemes in the past, and the re■"'ll had proved those critics wrong. Tl a system of financing public works Midi as he advocated was carried outin New Zealand there would he no unemployment, so great would be the activity.