THAT £70,000,000

Sun (Auckland), Volume II, Issue 494, 25 October 1928, Page 6

THAT £70,000,000

“A POLITICAL DODGE” MR. POTTER’S OPINION Sir Joseph Ward's avowed intention of borrowing £70,000,000 called forth some scathing comment from Mr. V. H. Potter, at Mount Eden last evening. Mr. Potter, Reform candidate for Eden, admitted that Sir Joseph had been a great financier, but urged that he could only be described as a "wasser” and, as such, was of no use to the country. It was impossible for Sir Joseph to get money at 4 A per cent., as that was less than the British Government could get it for. In any case, even if it were possible to get money at such a low rate o£. interest, it certainly could not be reloaned at 4g per cent., with only a-quarter per cent, margin. It would take at least 1 per cent, to cover tho expenses. With that £70,000,000 at. its disposal, the United Party would certainly make liberal advances to settlers. Land values would bo forced up, and another slump would result. Under Reform administration, New Zealand was undeniably prosperous, as could be shown by the totalisator figures, and the amount spent annually on tobacco and beer. “Fabulous sums of money are going through the wrong channels,” commented Mr. Potter.