CURRENCY REFORM

Hauraki Plains Gazette, Volume 52, Issue 32311, 10 September 1943, Page 3

CURRENCY REFORM

democratic labour COMPLETE CONTROL URGED MR BALFOUR DAWSON’S VIEWS Envisaging complete control of currency and credit which would enable advances to ’be at interest rates as low as 11 to U per cent, against production and thus further the interests of primary and secondary industries alike, the policy of the. Democratic Labour Party was outlined by the Thames candidate for that party, Mr Balfour Dawson, in his initial Waihi address in St. James’ Hall, Waihi, last Thursday evening. There was a good attendance, and the speaker was given a most attentive

hearing. The Mayor of Waihi, Mr W. M. Wallnutt, who presided, introduced Mr Dawson, who, he said, was a returned man from both great wars. Born at Masterton, he had been brought up on a sheep farm there but had received his secondary education in England. He later studied farming methods in> South America. Returning to New Zealand,, in 1920, he took up farming in the Wairarapa and afterwards was on the Coromandel Peninsula for 12 years. He had 'been a field inspector and valuer with the Crown Lands Department, a director of the Masterton Dairy Company, chairman of the Coromandel County Council, County Highways Board’s representative, president of the Coromandel Returned Services Association, president of the Colville branch of the New Zealand Farmers’ Union, and a Justice of the Peace for 11 years.

In his opening remarks, Mr Dawson emphasised that his party was quite distinct from the official Labour Party at present in power and believed im-

plicitly in democratic government as opposed to either bureaucracy or autocracy. His party was also 100 per cent, behind the war effort. Necessary Step

“We believe it is necessary,” said Mr Dawson, “to take immediate control of credit and currency for without this no party can do anything in the way of carrying out a real policy. We believe New 'Zealand is immensely wealthy if its resources were used to the fullest extent.” Further expounding his monetary policy, Mr Dawson criticised the present orthodox finance methods which meant increasing debt. No country could keep pace with interest payments, let alone principal commitments, on war, or even domestic expenditure—and in our time we had had two wars. Britain, he said, was creating 5009 million pounds a year to finance her war economy and we could follow the method by creating credit against goods for production.

Provision would be made for financing of soldiers and local bodies at the lowest possible rates and a stock and station agency would be developed within the structure of a State-owned Bank of New Zealand, Mr Dawson stated. Encouraging Industry In describing how adequate provision would be made for returned service personnel, Mr Dawson said his party favoured the immediate appointment of a Minister of New Industries and he would be backed by a finance corporation to assist manufacturers and all producers of consumer goods. Workers would be transferred from unproductive to productive work. Housing would receive special attention and the party was definitely pledged to slum clearance. Speaking generally on the control of production, the candidate suggested that workers and farmers should have equitable representation on boards of managelent appropriate to their callings, luch representation should also be

given on any marketing projects. Motherhood Endowment Equal pay for men and women for equal work was advocated as also was provision to assist all children, irrespective of their parents’ financial position, to secure training for any trade or profession. This implied free education from kindergarten to university. A considerable point was made regarding the policy of motherhood endowment. There should be no means test to this and it should be available to all mothers conditional upon their drawing it themselves and not through their husbands. A further point made was that pensioners should not be deprived of their allowances if they worked during the war period. If they were prepared to make the effort, to dock their pensions was a “fifth column act.” A hearty vote of thanks to the candidate for his informative address was carried by acclamation, as was a vote to the chair.