SIR JOSEPH IN SOUTH

Sun (Auckland), Volume II, Issue 507, 9 November 1928, Page 14

SIR JOSEPH IN SOUTH

BACK-TO-LAND SCHEME ENTHUSIASTIC HEARING LOAN IDEA EXPLAINED Press Association INVERCARGILL, Thursday. To an audience that filled the Municipal Theatre to overflowing, Sir Joseph Ward, Leader of the United Party, delivered his principal Invercargill address this evening. He spoke for nearly three hours, and was given a most enthusiastic reception and patient hearing, interjections being entirely absent Outside the theatre there was a crowd of about 1,500, who listened to the speech by means of loud-speakers. Sir Joseph Ward said Mr. Coates had referred to the speakers previous administration, and naa said at Otautau that he (Sir Joseph) had "looked in for about five minutes in 1915.” It was a fact that he had "looked in,” but it was when he had been asked to take the portfolio of Minister of Finance. He had accepted the portfolio, but had stipulated that not even the Prime Minister should interfere with his administration, and while he had held office no one else had ever conducted the financial affairs of the country. He had raised £80,000,000 for pensions to soldiers and families of distressed soldiers, and he had inaugurated a system of shortdated loans raised within the country. This could not have been done by anyone else in that office. DRIVEN OFF THE LAND Continuing, Sir Joseph said his opponents were suggesting that he was proposing to borrow £70,000,000 in one year. This was quite wrong, and they as well as he knew that it would be impossible to borrow such an amount in one year, or if he had it to lend it out in one year. Future settlers, and many of the present settlers, should have an opportunity to secure money at 4| per cent, to enable them to stay on the land. People were being driven off the land, and in very many instances this was due to their inability to obtain advances. Sir Joseph declared it was not intended to ask the country to provide one penny for the borrowed money. The borrowers would nay the cost. He would issue 4& per cent, bonds for a term of 3 2h years. Investors at home sent to London each year £400,000,000 of new money for investment, and he was proposing that New Zealand should secure a portion of this capital. EASY MONEY The party was not asking for money for public works, and Sir Joseph recalled the fact that when he had held office he had provided over £8,000,000 out of revenue for building schools and other public works, and he proposed to carry this out. It was easy enough for the State to borrow money. He himself had procured £30,000,000 20 or 30 years ago for land settlement. If that was possible then, was it not possible to borrow £60,000,000 in 10 years for putting thousands on the land when the unfinished railways had. been completed? RAILWAY POLICY As far as railways were concerned, at present the extreme amount required to complete the long lines was £10,000,000, which was included in the £70,000,000 loan scheme. Would there be any difference in the financing of at-present-unfinished railways? The railway between Cheviot and Picton could be finished in two or three years, yet the present Government had not touched it. It was the same as far as the line between Gisborne and Napier was concerned, while on the Stratford railway it only needed 22 miles more to be constructed to brine Taranaki one day nearer Auckland. Did anyone think that the traffic over that railway would require the taxpayer to make up the deficiency? If the Government finished the railways, fiffh . provlde for at least one- “““ Of their present employees by using them on new lines. s „ Continuing he said he was propos,to cre &te a different scheme of hltherto tUen jn nt V” that carried °ut ‘ - 1 early years nine or ten large estates had bene cut up with and were now providing a living for many thousands of settlers - Jroposed to se t aside 25 acres so that a home could be provided for anyone who wanted it The money would be available at 43 per cent on leasehold, with the right of freehold, and money for the election SiSKi* 41 p " w °“ la v«.‘ ,r«ssr.2 J2.Br s,£ very few dissentients. ’ Wlth