VIRTUE OF THRIFT

Waikato Times, Volume 122, Issue 20494, 10 May 1938, Page 3

VIRTUE OF THRIFT

DISREGARDED BY LABOUR SPENDING AT A PREMIUM (By Telegraph.— Press Association) WELLINGTON, Tuesday “The Government's superannuation proposal, which withholds any benefit from those with reasonable private savings, is a typical example of the Government's plan to discourage private thrift,” stated the Leader of the Opposition, the Hon. A. Hamilton in his speech last evening. “Electors must realise that these proposals are not accidental—they are designed to fit in with the Government's ultimate objective," he added. “In the eyes of the Government, private saving is the beginning of capitalism. q’he moment a person has any savings laid by, he is a capitalist even in a small way. And to them, the capitalist and the capitalist system are anathema. “The Prime Minister would have •us believe that every person who is thrifty freezes his savings, or that he buries them in a tin in the backyard. He, of course, does nothing of the sort. He deposits those savings, or that share of his income that he can do without in the meantime, with the Post Office or other savings bank. The falsity of this is readily seen, when we realise that savings in the banks are being continuously used.

“They are certainly good spenders. In their two years of office, taxation is lip by oxer £10,000,000. The necessary funds to carry the Government on for one year, have been increased during Labour’s two years, from under £31,000,000 to £54,000,000—an increase of over £23,000,000 annually since the Labour Government came into office. They hold that prosperity is caused by spending. They know, in a democratic country, that spending is popular. One is sometimes forced to conclude that their objective is to tax, borrow and spend until our system breaks down. “Thrift is one of the very cornerstones of this country’s wholo economy, and her prosperity,” added Mr Hamilton. “The thrift, and the initiative of our pn.reers, have made this country what it is to-day. New Zea’enders are oy nature x thrifty octflc —they believe-in It—they practice it, and many of the blessings we enjoy to-day are the result of thrift —and even sacrifice of our parents. “The encouragement of thrift, and private savings, is one of the valuable virtues of our people. To-day, under the Gox'ernment, work and thrift are at a discount, while spending and idleness are at a premium. If democracy responds to this policy,, we shall then have to learn our lessons through bitter experience.”