THE FINANCIAL DEBATE

Wairarapa Age, Volume XXXII, Issue 10422, 13 September 1911, Page 5

THE FINANCIAL DEBATE

OPENED LAST NIGHT. SPEECH BY MR MASSEY. By Telegraph — Press Association. , WELLINGTON, Last Night. In the House of Representatives, the debate on the Financial Statement was commenced by Mr iW. F. Massey. The Leader of the Opposition said that the Financial Statement, .although extraordinarily long, and containing a large number of .subjects, was not very statesmanlike, and most of the subjects it dealt with were utterly irrelevant. It was vote-catching, pure and simple. Before many months the Premier would find it vain, as the people would not sell their votes. The speaker twitted Sir Joseph Ward with the poor progress made with the public debt extinction during the past year. Loans totalling £922,000 had matured -chiving the year; but they had not been paid off. On the contrary, they had been added to the permanent debt of the country. During the year, the indebtedness had increased by 6J millions. He (Mr Mas?ey) claimed to be the author of the Death Duties Act. He believed the Government was collecting £300,000 instead of £150,000 under the Act. The only reference to the land question was family land settlement, and if the details were all. right he would support it. He twitted the Government with being neither leasehold, freehold, or anything else on the land question. Sir Joseph Ward was fair as a Postmaster-General, and Minister of Finance, but was not a Minister of Lands. A Government that did not bring forward and insist on, a progressive land policy, should get notice to quit. During the past year'the area settled by the - Crown was only one-third that of the previous year. He believed in town-planning, and suburban traffic should be encouraged.- His ideal was "one house, one home, and one landlord" —the,.latter the head of the house. Regarding the £500,000 loan, it was, he said, time the country was taken into the Government's confidence and given" particulars thereof. Regarding the Savings Banks, the depositors should get at least as much interest at New Zealand, as the bond holders in London. Mr Massey regretted the absence of Mr Hogg, as he wished to congratulate him on the introduction of the State Note trouble, in that his prooo~nl was that the reserve of gold behind the notes might be withdrawn in the hope that the Minister would not go further than indicated by his statement in the Rouse. He was actually asked to believe that the money invested in Native lands was interest-bearing. He did not agree with the Statement that the people did not feel the burden of taxation. The people were staggering urder it. k degression would come, and it would be followed by prosperity, and resource should be preserved. He would support Sir Joseph Ward in nnv humanitarian proposal. There had M?n a tremendous increase in the cost of Government, which was out of to the population. The Hon. D. Buddo rce to reply. CH'timm rm legitimate lines, he said, was always welcome, but he would show where the criticism was unsound.' Mr Massey <?nid he would lead the Government, but it did not appear so after 21 year-. The greatest loss in Papulation took place during the last Conservative Government. Mr BuddA took the Opposition platform and dealt with it seriatim. The Opposition, he said, were in favour of town-planning, but it did not .support +"« Bill. No member of the Opposition votf>d for old pensions, but flH the Government members did. Coming to the land ,<-ettletiM'nt. he -*jud that Mr Massey had *aiili.l»at little land was made nvailable, but the figures came to 2,00:000 acres, but New South Wales opened 650.000 for six months, which •»h(Wed that New Zealand compared ' favourablv. "■' The high prices of land ruling prevented the ; Government from fining; more in the early part of this financial vear. The number of estates +h«it had been purchased for land settlement was hinged on finance, and as pjnoh ast possible had been done in reference, to the five million loan. The "Minister rend an extract from the Standard: British Conservative newsper. shmvinrr that the price of stock nlv fell half per cent, for a few hours,. Yet the Leader of the Opposition said that the country's credit affected the financial notions that were usually found on the floor of the House, but was not worth its value as waste paner. The Savings Bank was gaining increased popularity each year. The Bank with the State guarantee of note issue was surely the best security. The increase of taxation of land values and big estates was entirely justifiable. There had been a, drought in North Otago and South Canterbury, but they had done, very well. Factory workers had increased from 32.000 to 78,000 since 1895. The reduction in the number of factories made no difference. He did not believe any of Mr Massey'is statements as to its affect on the progress of the country. The House adjourned at 9.27 p.m. until to-morrow. Mr Massey desired Wednesday to be kept for questions, but Sir Joseph Ward isaid he wanted to get on with the business of the country. When the debate finished he would bring down the Public Works Statement, and the Bills indicated in the Financial Statement.