Conscription of Wealth.

Mount Ida Chronicle, Volume XLV, Issue XLV, 10 August 1917, Page 2

Conscription of Wealth.

Ifaere has been some talk in Par Ha merit and out of it of late concerning the conscription of wealth. Recently the Prime Minister took advantage of the opportunity of dissipating several of the theories advanced. It would be the easiest thing in the world, he said, to conscript 25 per cent of the wealth if we all carried our money in our pockets, but money was held by differenc classes—business men, farmers, financiers, etc. They could not get a busi-' ness man to hand them over 25 per cent of his capital because the country was at war. He would first of all have to get in the debts on his books and push his customers accordingly. ' A Member: He might raise an overdraft. Mr Massey: Yes, but if all the business men in the country are going to raise overdrafts to pay over 25 per cent of their capital, what is going to happen? A Member: Borrow it from the Government.—(Laughter. - ) Mr Massey said that not one farmer m 10,000 possessed his capital in cash. He generally had a mortagage on his place. Under the conscription of wealth scheme the farmer would either have to increase his mortgage or sail part of his farm or stock. What would be the effect of all these men trying at the same moment to raise money at the present time? Up would go the rate of interest, and people would have to pay more for their butter.—(Laughter.) If they tried to sell part of tbeir farms or stock, down went the values. Financiers, in order to raise 25 per cent of their capital would have to push the people they lent their money to, and what would be the result? It would be Dothing but chaos. A Member: What abotft wages? Mr Massey: There would be no wages to pay. The Prime Minister went on to state that conscription of wealth was a very popular cry for people to make who 4id not think it out, but, fortunately, thOße in office had to look into these matters. His aim and hope was to keep the country prosperous.