INTERNAL LOAN

Wairarapa Times-Age, 21 December 1938, Page 7

INTERNAL LOAN

STOCK EXCHANGE CHAIRMAN'S COMMENT. “POLICY OF ADVANCED SOCIALISM.” (By Telegraph—Press Association.) DUNEDIN, December 20. Reference was made by Mr Harman Reeves, chairman of the Dunedin Stock Exchange, at the annual meeting today to the forthcoming internal loan and also to the Government’s insulation plan. He described Labour's general policy as one of advanced Socialism. “A large loan for public works is to come on the market shortly,” Mr 'Reeves said. "This will require to carry an attractive rate of interest to ensure public subscription. Since the last annual meeting a general election has been held, and the return of the Labour Government by a very substantial majority reflected the vote of the confidence of the people and approval of its policy of advanced Socialism.

■•We have now reached the stage where the Government’s insulation plan has been introduced, by which export of capital from the Dominion, except under certain conditions, is prohibited. This is a very drastic action for any Government to take and is expected to be adopted only when the Empire is at war. or in case of great emergency, and not when our primary products are fetching fair market prices overseas and the spending power of the people of the Dominion is said to be greater than ever in its history. The action now taken reflects the serious state into which the finances of the Dominion have drifted, and one wonders whether all is well with the ship of State. We can only hope, as loyal citizens, thal the efforts of the Government will be effective."