LABOUR POLICY

Rotorua Morning Post, Volume 2, Issue 570, 29 June 1933, Page 5

LABOUR POLICY

CAUSE OF DEPRESSION MR. F. LANGSTONE BLAMES THE iNTERNATIONAL FINANCIERS ADDRESS IN ROTORUA Attributing the present depression to the machinations of the international banking and money-lending institutions, Mr. Frank Langstone, M.P. (Waimarino), had an interested audience in the Grand Theatre last evening. Mr. Langstone is national president of the New Zealand Labour Party. Introducing the speaker, Cr. E. T. Johnson, deputy-mayor, apologised for the absence of the mayor (Mr. T. Jackson) who was out of town. Mr. Langstone opened by adjuring' his hearers to consider the Labour policy since it was absolutely certain that Labour. would be the next government of New Zealand. If it were the wrong policy it must be remedied and; if not th'e sooner it came - the better. "We have to have something of a cross-eyed, cock-eyed sort of a government which has a sort of a shot--in-the-dark or a hit and miss policy," said Mr. Langstone. He attributed all the present depression to the fall in prices due to the manipulation of money which in its turn was, he said, due to the breakdown of the banking system which, in its turn, was due to the war exigencies. The elimination of Germany as a customer for goods had necessitated the discounting of £200,000,000 due by Germany and consequently the banks called upon the Government of England to issue treasury bonds to that amount. This was still part of the war debt which everyone was paying to-day. He blamed the whole of the bankers gain as placing £350,000,000 per annum extra debt upon the necks of the people of England. This caused prices to rise and everyone to become prosperous. The banks could not allow these financiers to remain prosperous, since the auction firms, bankers and money-lenders would not have been able to exist. Bankers Blamed The farmer detested a worker who Was independent and the banker hated a farmer who was independent so these two combined to enmesh the people in debt and they had forced this depression upon the world. The Bankers' Monetary Commission flew certain kites, such as having to "get back to normal," "return to the gold standard." It should be remembered that the power of gold was the keystone of the bankers' power. He then dealt with the policy of W. Jennings Bryan on bi-metallism and his determination in 1896 to prevent the enslavement of the workers. Money power could only be overthrown by the awakening of the conscience of the nation. Enriched Money-Lenders Mr.. Langstone then dealt with the Brussels Bankers' Conference which, he said, had conspired with the Bank of England to go back to the gold standard which puller millions of money out of circulation and this enriched the money-lending class at the expense. of the impoverishment of the people. Even fluctuations of prices did not matter for by 1929 the bankers' enslavement scheme was complete and prices were down. Now was the chance of the bosses to kick the worker and "teach the working classes a lesson." Mortgage Foreclosure The farmer shivered when he saw the stock buyer coming along for fear his home would he taken from him. The worker would do anything to save his home. The bankers had ordered the foreclosure of mortgages so that the people would lose their homes and thus be more tractable, since a man without a home was at the mercy of these. ruthless despots who were international. Sir A. Ngata Attacked Mr. Langstone attacked the utterances of Sir Apirana Ngata, especially his statement that the country had lived beyond its income and urged that he go back to the raupo whare and the mud hut as he had advised his people.

Mr. Langstone said that the Labour Party entirely disassociated itself from the present troublous times and said that they were entirely due to the work of the Reform and United Parties; if Labour's policy and constructive methods had been' f ollowed we would not be in the position we were into-day. The Wages Cut The system of wage cuts was the" most stupid since it constricted the home markets which were far more valuable to the farmers than export. ^The farmers and the business men had both wanted cuts, but both were /wrong. This meant that the public could buy less and thus "glut the export market. A wage cut simply meant so much less money in circulation. A wage tax of the. same amount of the cut would have meant a £4 a week wage for every unemployed worker, would have paid the whole of the local body indebtedness, and left £2,000,000 over. There was absolutely no need whatsoever for any slump in New Zealand. The wage loss in New Zealand was to-day £30,000 000 a year which was refleeted in the standard of living in the people. A policy of economy in the Government was refleeted throughout the whole country and the public lost that much purchasing power. Unemploy ment The Government was solely xesponsible for the unemployment problem to-day. They could have avoided it but they did not do so but actualLy made it. The national income was £70,000,000 a year less than iii 1929. He denied that the Government had managed to balance the budget contending that the figures given were incorrect and did not reflect the cbndition of the country. They had pledged £8,000,000 worth of soldiers' land to the Bank of New Zealand and the National Bank of New Zealand for a loan of £2,500,000. The aetual position was that the budget was not balapced by £9,850,000. Labour, in 1930, had tried to stem the tide by offering & conference but it was refused. Mr. Langstone then indulged in an

attack upon the press of New Zealand over the operations of the benzine prices, stating that the press of the Dominion was owned by the oil companies. Labour Control . The return to power of the Labour Party would_ mean the absolute control of land, banking, and exchange and would be f ollowed by prosperity. Mr. Langstone then detailed the Labour Party's policy as published in the issue of Wednesday, June 21. At the conciusion Of the meeting,* a resolution of thanks and confidenee in Mr. Langstone and his party was carried on the motion of Mr. John Mitchell.