CHEAP MONEY.

Hokitika Guardian, 29 July 1926, Page 4

CHEAP MONEY.

SIR JOSEPH WARD’S IDEAS. j WELLINGTON, July 27. j Speaking to-night on the Imprest Bill, Sir Joseph Ward dealt with questions of finance, and incidentally leferred to his breakaway from theNational Ministry after the war. The statement, ho said, had been made against him to the effect that he had had a quarrel in the National Cabinet. “I never had a quarrel with the late Air Alassey,” he said “and I want to saw so publicly now. I do not want to make any reflection on him at this moment. The position at that time was that I was not. prepared to do what my colleagues wanted me to do after I had returned from England. ; I told them so, but they would not listen to me. I was against buying land in this country for cash, just the same as I am at the present time. I told them that whenever you had the Government entering tho market you would have a land boom, but I was not listened to. I wanted to buy the Daiul. Wo have bought it under the Lands for Settlement Act.” If Alinisiers who were in tho Ministry’ at the time were put on their oath and told tho true story it would be found that ho was not to blame, but lie. was not going into details'. His mouth was sealed for ever. “Mo have not yet got over tho land boom,” he said, “and tho present Minister for Lands, who was here at that time hits to bear somo of the responsibility on his shoulders. I then said that the only way to save the country was development and extension, and the putting of men on the land with facilities for cheap money, cheap freights on the railways, cheap markets, cheap freights to tho Old Country, all of which were so essential at that time. This is the poliev thev will have to go for now. ' SOME ADVICE. “Arc yon ever going to get cheap money if the Government keeps up the lending rates? Aro the banking in- . stitutions going to lower their rates if the Government does not do tlie same AVe should say to them, ‘AVc will lower our rates in the Savings Bank if jni ■ will do the same.” If one did with- , out tho other, there would he an un- • balanced position. Money was much . higher than it Had been before the war. Jones (Ellesmere) : Is that not so all over the world? , Sir Joseph AVard: It may be, but ; that is no reason why it should To ; higher. AVe arc not-in calm, water at the present time. I recognise that cue man or a dozen men have little influ- , ence with a Government with a large . majority, except to get up and talk, - but let them get down with something , that is going to help the country out ’ of its difficulties, and prevent further difficulties from coming. AVe cannot , shut our eyes to tho fact that we are living in difficult times. AVlipt it cm revenue dropped by three or four millions? This is not a time for mere alterations in procedure.”