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Hokitika Guardian, 9 December 1931, Page 4

The bondholder and those with vested interests are not in the good graces of seme of the Labour members of Parliament. Our own Member was very outspoken on this point on election nigh*.. but we hope' he spoke under the stress of the moment, for it will not be good for the country if any section of the community is going to make a “set” against those with enterprise enough to help the district financially. At Home the peo-

pie indulge in national savings, and in March last there was upwards of five hundred millions of the' peoples’ hard savings in the funds. The fear that this nest egg of the people might be raided, was one of the reasons why Labour members were rejected in such numoersi at the last poll. The working man will be the first to suffer if Labour pursues the anti capitalist doctrines preached from so many Labour platforms. Shell a campaign involving tbe punishment of the sQealled capitalist, would react quickly on the working'class. The capitalist of to day is not necessarily an l'lndividual. It may be company oi’ other large concern, or a bank. These institutions are propped up by the peoples’ savings resulting from thrift. The savings banks in New Zealand have something like sixty millions of money in their care. But this money is not hoarded. It lr r to be used to earn interest for the depositors, and in many ways working people obtain employment, and industry is helped through such a channel. Under the reckless policy spoken of here a week ago, capital would soon take fright if there were the semblance of a chance of the policy operating. Credit is a very nervous matter, if trouble be in sight. And once alarmed'. where would Labour secure the’ next bunch of bond holders if it sought a.loan? Labour may not borrow in Australia tiow, because tile people are chary of wliji-t next a Labour (jov'ernment would do with the credit ft- received. It has already broken contracts by reducing interest, and that will be a barrier to easy money for i\ long time, ft will be best in the end, no doubt, that there should be a tapering off in borrowing, but in Australia there is a. complete check on the practice, and the country feels the pinch in consequence. Money is a nervous commodity when sought a? an investment, and the Labour politicans are going tbe wrong way about it in searing it with irresponsible threats against those who have done so much in the past bv providing money to develop the country.