ELECTION VERSUS BUDGET FIGURES

Nelson Evening Mail, Volume LXIII, 6 August 1929, Page 6

ELECTION VERSUS BUDGET FIGURES

cTo tho Editor)

Sir. During tit,, recent election campaign one ttl the Rl. Hon. Sir .1. yVard's* main .proposals was I'm! he would borrow sixty million p'nnds a' four and :\ half per cetii '.il ') !; md lend tin-, to settlers y. four .hi.l three quar U"* per cent, without costing the tax payers a penny. The Hon. gentleman maintained this statement in spile m"

severe criticism. Karlv this year we borrowed a large sum at this giving the cost during tho Financial Statement to show how cheaply the money had been borrowed Sir Joseph gave the sum as live pounds and a penny per cunt. Add l u Ihis administrative costs of Hi.! Advances Deparl men!., two and sixpence per cent., nives us the rale of £5 2s 7d, which with one iir two minor expenses would bring it to nearly Alb 3s per cent. By lending at 4;; per cent. Ihis would mean a loss to I he I a.\payer of lis per cent., or i/ii a sum of £6();000,000 a loss of £240,000 per annum. Surely some explanation should be forthcoming as to this huge difference.—l am, etc.. SEVEN BAR.