BORROWING CONDEMNED

Sun (Auckland), Volume II, Issue 458, 13 September 1928, Page 12

BORROWING CONDEMNED

MR. W. J. POLSON OPENS CAMPAIGN INCREASED PRODUCTION NEEDED Press Association STRATFORD. Wednesday. The President of the Farmers’ Union, Mr. W. J. Poison, opened his election campaign at Toko last evening with a strong attack on the land settlement policy of the Government. He quoted from speeches of the Minister of Lands, the Hon. A. D. McLeod, and the Minister of Agriculture, the Hon. O. J. Hawken, and claimed ta show that the chances of successful settlement under the existing econom • conditions were very small, and th settlement was at a standstilL Mr. Poison said this was due to the policy of the Government, whose expenditure on railways such as the Taupo and Gisborne lines, and on hydro-electricity, was unjustified. lie criticised the finance of the Government, and said nearly £79,000,000 0 f loans would have to be renewed in tlr next three years, in addition to new loans. The last loan of £5,000,000 had been less than the Hon. W. Downie Stewart previously budgeted for, because of London’s nervousness. The fact was, said Mr. Poison, that the country was rapidly borrowing until the total public debt stood at £310,000,000, including local body debt. The speaker concluded by urging the town and country to wake up to the fact that the basis of prosperity was increased production, and a greater flow of wealth into the country for the use of all.