ISSUE MORE NOTES

Rotorua Morning Post, Volume 2, Issue 393, 30 November 1932, Page 5

ISSUE MORE NOTES

(Press Assn.-

LABOUR PoLlCY MR. HOLLAND'S VIEWS IN THE MOTUEKA CAMPAIGN CURRENCY AND BANKINC

— By Telegraph — Copyrlght)

, Nelson, Tuesday. Mr. H. E. Holland, Leader of the Opposition, is at present in the northern portion of the Motueka electorate, and is receiving good receptions. In the course of an address he remarked that several months back, the Rt. Hon. G. W. Forbes and the Rt. Hon. J. G. Coates declared that they had turned the corner, and now Mr. Forbes said that the coming months would be the blackest in history. That was a bad outlook for the Forbes Government. Unemployment was the main pr oblem. Men catalogued as relief workers should be transf erred to economic undertakings with a standard rate of wages. Steps should be talcen for a gradual return of all unemployed on full working time, which would in itself stimulate industry. There was ample room for a huge progressive policy of closer settlement. New Zealand could carry 10,000,000 people. The unemployed should be engaged in bringing in at least 1,000,000 acres of Crown and other land. There should also be a vigorous Public Works policy. Far more attention should be paid to the industries of New Zealand and the building up of local markets. Labour was definitely opposed to any withdrawal of subsidies to primary produeers. They should seek definite trade agreements with Britain and other countries. As matters now stood, Ottawa had not materially altered the position. Issue More Notes It was the duty of the State to make provision for the issue of State bank notes and the establishment of their validity and effective legal tender for goods produced by increasing attention to local industry. The community which had notes should have no difficulty abut getting money. The restoration of the purchasing power was the only way a remedy could be effected. It would only come as the result of a policy of industrial rehabilitation in both the primary and secondary fields. To this end, Labour advocated the establishment of a State controlled bank with the sole right of note issue for the purpose of effectively controlling credit and currency. This was not on'the lines of the bill before the House. The money credited by the State should be safeguarded by special provision to ensure that it would go into the bank for those who would spend it immediately for the consumers' gain, and not into the bank vaults for the bondholders.