END OF INTEREST.

Waikato Times, Volume 121, Issue 20280, 24 August 1937, Page 9

END OF INTEREST.

LABOUR’S OBJECTIVE? MR COBBE’S CRITICISM. (Special to Times.) PALMERSTON N., Monday. Reference to a statement attributed to Mr G. Ormond Wilson, M.P. for Rangitlkel, that It was the Government’s Intention to abolish Interest was made by the Hon. J. G. Cobbe, M.P. for Oroua, speaking at Halcombe. Mr Wilson, he said, was in the confidence of the Minister of Finance, and any statement from him may be accepted as a statement of the intention of the Government. Mr Cobbe said that when speaking at Marton, Mr Wilson had stated:— “In the end our desire Is that interest shall go altogether. To-day, of course, that is impossible, and to utilise the savings of the people we must offer interest, using all funds, and the Government has thousands of millions at ils disposal, so that there shah be no waste In our objective.” He then went on to say: “Never again will New Zealand borrow overseas. We don’t need to. If the time comes when we need more money we shall come on Hie country again. If the public do not subscribe to conversion vve will have power as a Government under the. Reserve Rank legislation to lend money to ourselves.” “This statement Is far-reaching and most disturbing,” said Mr Cobbe. ‘The intoxication of power has evidently made the Government reckless. It is hard to believe that the Government really understands all that is involved in its objective and how it would afTect the country If it came Into operationstatements such as those contained in the speech from which I have quoted must have a very disturbing effect. The matter is so serious that the country has a right to have an early statement on this important subject from both the Prime Minister and the Minister of Finance.”