MAORI WAR LOANS.

Manawatu Standard, Volume LX, Issue 257, 27 September 1940, Page 6

MAORI WAR LOANS.

(To the Editor.) Sir, —1 was interested in a lew of the comments made at Mr Lee’s meeting and in subsequent letters to the paper. It is apparent that the supporters of the Democratic Labour Party are mainly basing their claims for public office on the grounds of the defects of our financial system. Without giving any lucid explanation as to how they will modify or replace the present system this party makes a great deal of the point that the financial system is detective because tins country is still paying interest on the Maori War loans. As one who is proud of the progress this country has made during the past century 1 would like to say that the moneys borrowed’ and subsequent loans were the finest financial ventures taken by this country, and have given an excellent return. When we remember that the total national debt of the country js £350 millions (nearly half of this is internal debt owed by New Zealanders to New Zealanders) and that largely because of this debt assets to the extent of £7OO millions have been creatcd—such assets now returning the handsome overseas annual income of £65 millions—it seems to me that this party is just using our Maori War loans as a political catch cry. While no doubt we have paid a considerable amount of interest, surely the fault lies with our want of frugality in not repaying what we borrowed, and not with the financial system, or the English investor who might fairly be commended for his confidence in this country. It is very' easy to tell people they are hard done by and so undermine their desire to honestly shoulder their responsibilities, but I hope the people of the Dominion will not be stampeded into a system which must lead to repudiation and dishonour. —I am, etc., L. T. PRIMMER. Palmerston North, 27/9/40.