ABOLITION OF INTEREST.

Waikato Times, Volume 121, Issue 20283, 27 August 1937, Page 9

ABOLITION OF INTEREST.

MR WILBON HITB BACK REPLY TO HON. J. G. COBBE “I am glad that Mr Cobbe has learnt from a speech of mine, delivered in November last, that the Labour Party Is opposed to" the system of interest and profit—in other words, exploitation—believing that the labourer is worthy of his hire, and that all those who can render useful service to the community should dio so, and be paid accordingly,” stated Mr O. Wilson, M.P. for Rangitikei, In a reply to the Hon. J. G. Cobbe, M.P. for Oroua, in a Manawatu paper. “We also believe that it Is the duty of the community to provide for those who are unable to render service, whether by reason of youth, age, or Infirmity. Mr Cobbe could have learnt this from the speeches of my oolleagues years ago and he could also have learnt from studying the writings of Mr J. M. Keynes that only the steady reduction and thereby gradual elimination of interest can overcome the cyclical economlo crisis of which we hear so muoh to-day. “•However, I write primarily to correot a mistake In the report of that speech of mine which Mr Cobbe did me the honour to quote. In any figures I use I am particularly careful to check their accuracy, and I have never said that the Government has “thousands of millions” at its disposal. I did point out that there was considerable sums of moneys invested In the various Government departments and that we are using these and paying interest on them. At the same time interest is being kept down, and so far as we can control it, will not be allowed to rise. This is one of tho most important of the actions we are taking to prevent the over-invest-ment and over-saving which inevitably results in the slump that Mr Cobbe’s colleagues are at present so concerned about.”