"LABOR OMNIA VINCIT."

Maoriland Worker, Volume 2, Issue 16, 23 June 1911, Page 13

"LABOR OMNIA VINCIT."

'•Labour conquers all things," says the oid Latin proverb. But the truth is tnat '-money rules." The great London newspaper correspondent, G. A. teaia, wno visited JNew Zrealand some twenty years ago, tlescribcd the Government as a " uemociacy tempered by tne banks." The policy of fc>ir Joseph Ward is merely tne policy of tlie baniis. There is not much dmerence between imperialism and Capitalism, finance has tne control of tne currency, and money is tne sinews of war (.ana generally tne cause ot it). Sir Josepn ward is allowed to select the se-caiied Liberal candidates tor Jr'ariiameni, • he eieots tho iVlinistry - lie appoinLS xjegisiative Councillors- he pi onuses fi eaunoughts • ne "goes to Lonuon to visit tno xvmg" • he represents or misrepresents iNew Zeaianu. in i_ngland * ne burrows a few minions- and "he has tne cneque book," and ''everything is a mauter of cheque book nowadays."

So, it Labor wants to eciiuuer it ik more than ever necessary that Labor snould ta-ie care tnat tne Estate controls the cheque book, and not the cneque oook tne StaLe. JLiiey shouiu remember the words of Sir George Grey uio control and prohts of the wnole paper currency .belong to tne boate. will any memoer oi jrariiarneno dare to argue that the control ana pront of tne wnoie paper currency ougnt to beiong to private persons or companies 'f ur wno win agree wicii _v_i n. kx. jtMi's extraordinary proposition tnat it is a good tiling to have private snarenoicters m a (state ±sank "aswatcndogis.'' it members of jrariiament nad been erncient waccudogs tor tne {State, tne Government wouiu not have provided capital tor privace nominal shareholders to make dividends, bonuses, and reserved capital out of. '

To save tne Bank of New Zealand from tne consequences of its gross mismanagement tto put it very miio.iv; parliament guaranteed a two miliiun loan tor two years for the benefit oi tno banii snarenoiders witnout pxouc to tne £>t,ate. Tne next year tne oanii required more than three millions more, wmcn Jrariiament guaranteed tor nine years. Tnen, in J.yo3, knowing tnat tne bank would not be able to redeem tne money, rariiament passed anotnei Act to find next year anotner million guarantee lor tno I olio wing ten years, and to oorrow half a million to buy /o,UUU snares at Jto lbs 4d eacn. Tne State profits for tne wlioie twenty years were limited to not more than IU per cent, dividend on the naif million of State shares. The pronts 01 tne totato after deducting interest on tlie loan, nave averaged less tlian £2u,000 a year for tne last seven years, while the dividends, bonuses and reserved pronts of tne ordinary sliarenolders, added to the interest on the £1,500,UU0 guaranteed and loan capital, Have averaged over £31)0,000 a year.

We had better beware of future bank legislation, and 1 wish to call attention to the State Jtfank report of tlie Legislative Council Committee of last session. It can be got from the Government Printer, Wellington, for 2s 3d. Thero aro some extraordinary propositions, and some good honest watchdogs are .badly wanted tout not private snarenoiders).— I am, etc., J. MILES VERRALL. —Swannanoa.