CONSCRIPTION OF WEALTH.

Manawatu Herald, Volume XXXVIII, Issue 1555, 25 May 1916, Page 4

CONSCRIPTION OF WEALTH.

OBLIGATIONS OF THE DOMINION. In dealing with the conscription of wealth in his speech in the Ad-, dress-in-Reply debate in the House last week, Sir Joseph Ward said that he had long recognised that what was regarded as wealth had to bear the great cost of the war. Some people talked platitude about the conscription of wealth, but they did not realise what they were talking about. Did they know that last year alone the fixed mortgage in this country increased by £10,000,000 ? Mortgages amounting to £12,000,000 had been paid off, and £22,00.0,000 put on, so (hat now £124,000,000 remained on fixed mortgages. If the duty were placed upon the Government of conscripting wealth, was it expected that they should take over £120,000,000 on fixed mortgage "? Was the Government to subscribe the overdrafts of all business men f They could not take the profits without also taking the liabilities. Even if there were £0,000,000 of Avar profits last year, which there were not, why should a man with a mortgage of £2,000, who received £4,000 in profits, not pay off his mortgage, or a man with an overdraft of £5,000 who secured £O,OOO not pay off his overdraft ? Truly they were entitled to do it. Could they take over from one side without providing for the liabilities upon the other f

Without aljuding to anything in the Financial Statement, he Avanted to say that Avhen he heard sensible men saying that they should reduce (he cost of living by taxing profits he could not understand the reason or logic by Avhich they arrived at their conclusions. Even if the House gave the Government power from to-morrow morning to lax the whole of the war profits—not only half —it Avould not pay for the cost of the Avar to Ncav Zealand for nine months. He Avanted to knoAv where the country Avould be then if the Avar stopped and there wore no more profits to come. “We want the assistance of everybody in this House,” said Sir Joseph. “Let us realise Avhen avc have the financial proposals before us (hat they must be the subject for Aviso and Judicious conference by the men on both sides of the House without any of Avhat I call pin-pricking criticism. Do you realise that the ordinary requirements of the country this year alone will be upwards of £17,000,000 ? One man may call out to borroAV locally, certain newspapers may Join in that cry, and still others may call upon us to take tho people’s wealth. Apart from these cries, I Avish to say that at this Juncture we are safe and strong, and I believe we can go right through the Avar and come out Avell and do our part successfully. But it is not a lime for pin-pricking ; it is a time for active and solid co-op-eration.’'

Hir Joseph Ward resumed his seat Avith the remark (hat he Avould not have spoken except for certain remarks Avhich he'held, sapped at the foundations of good government.