"ONLY IDLE RICH NEED FEAR”

Sun (Auckland), Volume II, Issue 477, 5 October 1928, Page 9

"ONLY IDLE RICH NEED FEAR”

LABOUR’S POLICY OF FINANCE PUBLIC CONTROL OF BANK OF ENGLAND (United P.A.—By Telegraph Copyright) (Australian and N.Z. Press Association) (United Service) Keed. 0.8 a.m. LONDON, Thursday. EXPOUNDING Labour’s financial policy at the Birmingham Conference of the party, Mr. Philip Snowden, a former Chancellor of the Exchequer, pointed out that the official policy favoured control of the Bank of England by a public corporation, an extension of the facilities for small people through municipal co-operative banks, also ensuring that available credit shall firstly be employed for national enterprises.

He said the idea of Mr. J. Wheatley (who was Minister of Health in the Labour Government) of subdividing the total wealth

me total wealth equitably was impracticable and unreasonable. A sum of £ 40,000,000 in indirect taxation was imposed four years ago. Labour would repeal it in favour of direct taxation. He feared

the resources of ordinary income-tax were exhausted. He strongly favoured the surtax, and a differentiation between earned and unearned income. It was wholly indefensible that a man who amassed a huge fortune should have the right to bequeath it where he liked, and so enable people to live without working. Mr. Snowden favoured taxation of land values, and denied that it was inconsistent with nationalisation of land. The Bank of England should be controlled by a public corporation established by Parliament; but he did

not believe the time was ripe to nationalise the commercial banks, because as things were, businessmen must have alternative sources of credit. “Those engaged in honest trade and industry need not fear us. Only the rich and idle need fear Labour's financial policy.” Mr. James Maxton, M.P., asked whether acceptance of the official policy as laid down in the Party’s report Involved acquiescence with Mr. Snowden’s views. The chairman, Mr. Ramsay Macdonald, replied in the negative. Mr. Maxton wanted to discuss Mr. Snowden’s opinions; hut the chairman prohibited argument. Uproar followed, Mr. Maxton saying he wanted to ensure that the Labour organisations controlled future Cabinets. LABOUR IN AUSTRALIA POLICY OUTLINED STRIKES AND LOCK-OUTS DEPRECATED Reed. noon. MELBOURNE, To-day. Mr. J. H. Scullin, the Federal Labour leader, outlining Labour’s policy at the forthcoming elections, declared for the fullest protection of primary and secondary industries. There should be a vigorous overhaul of taxation machinery, unification of the State railway gauges, in order to reduce unemployment, abolition of compulsory military training, revision of the Arbitration and Federal Crimes Acts, creation of unemployment insurance, establishment of a Commonwealth fire and life insurance, restoration of per capita payments to the States, migration to be checked until employment is fully provided for Australians, abolition of tax on mutual life societies, and establishment of a Government line of steamers with Tasmania. Mr. Scullin deprecated strikes and lock-outs as obsolete and undesirable. Parties to awards and agreements should faithfully honour them.