LONDON FUNDS

Wairarapa Times-Age, 18 August 1939, Page 5

LONDON FUNDS

VIEWS OF THE MEMBER FOR MASTERTON SQUANDERING DENIED. DEBT & THE INTEREST BILL. (By Telegraph—Press Associa'fon.) WELLINGTON, This Day. An examination of the Year Book would disclose a different position from that claimed by Opposition speakers in regard to the London funds, said Mr J. Robertson, member for Masterton, speaking in the financial debate in the House of Representatives yesterday. Opposition speakers had accused the Government of squandering the London funds, and had staled that these had totalled £46.000.0(10 when the Labour Party came into power. The Year Book showed that the total was £36,000.000. Thus £10.000.000 had disappeared in the few months before the Government actually took office. Opposition speakers had further set out to show that the primary industry was in a bad way, whereas last year's statistics showed an increase in almost everything pertaining to primary production.

Referring to 'the public debt. Mr Robertson said that in 15 years under governments of the past, members of which were still in the present Opposition. the external debt had been increased in every year except two. These governments had lived beyond their income and had been unable to meet the London funds except by borrowing. When the Labour Government had come into office it had had to meet the troubles brought about by reckless spending and squandering by past governments. Mr Holland: "You find the London funds very embarrassing." There had been a decrease in the external debt during the four years of the present Government, said Mr Robertson. For the five-year period ended March. 1934, the interest bill payable in London had been £31.000,000. For the five-year period ended March. 1939. it had dropped to .£27,000.000.