“DEPRESSION FOLLOWS”

Sun (Auckland), Volume II, Issue 500, 1 November 1928, Page 1

“DEPRESSION FOLLOWS”

WARD MILLIONS CRITICISED MR. A. S. RICHARDS OBJECTS The United Party’s borrowing policy was criticised by Mr. A. S. Richards. Labour candidate for Roskill, during an address to the electors of Mount Albert in King George's Hall, on Tuesday evening. In introducing the speaker, the chairman. Sir George Fowlds, said he had known Mr. Richards for many years and was satisfied he had the necessary knowledge and ability to represent Roskill in Parliament. The candidate said it was recorded in Hansard, in 1927, that Sir Joseph Ward had strongly condemned the borrowing of £5,000,000 annually by the Government. Vet the United Partyleader now advocated the borrowing of £7,000,000 to £8,000,000 yearly. If, as Sir Joseph Ward had contended, five millions annually was too big a loan burden for New Zealand, how were they to reconcile the greater loan nov; recommended. The false prosperity caused by Sir Joseph Ward’s loan would be followed by another long and painful depression, said the speaker. The Labour Party’s financial policy would provide for sound and steady progress, and the party would endeavour to finance its programme by internal loans and reduce foreign borrowing proportionally. A vote of thanks and confidence in the candidate and the Labour Party was carried unanimously.