IF LABOUR RULED

Sun (Auckland), Volume 1, Issue 39, 9 May 1927, Page 9

IF LABOUR RULED

FINANCE PROBLEMS MR. W. J. JORDAN’S VIEWS Fern, tutu, and wineberry are taking charge of much of the districts adjacent to Auckland owing to the inability of farmers to purchase fertilisers for topdressing. That is what Mr. W. J. Jordan, M.P. told his audience at the Labour Party’s public meeting last evening. “Why, I could handle the finances of this country better than the present Government,” he said. Cheaper money was required. People had invested 26 million pounds in banks, which sum bore no interest, and twenty-one millions at fixed deposit was receiving 3 to 4is per cent. Yet the banks used the people’s money by lending it out at 6 to 7 per cent, interest.

The English investor was reaping a financial harvest, said Mr. Jordan. The banking of 47 millions of money would form the nucleus of a State Bank. Continuing to touch on finance, he said that to speak of the value of land was somewhat vague. It was not determined by the price of land but “the price of the price” of the land that affected the settler.