Dominion’s Financial Plight

Manawatu Times, Volume LV, Issue 7026, 9 December 1932, Page 7

Dominion’s Financial Plight

Labour Launches Eleventh Hour Attack Mr. Holland’s Warning of Trouble from Unemployed Per Press Association.

WELLINGTON, Last Night. In the House to-day urgency was accorded the passage of the Finance Bill. Hon. W. Downie Stewart, in moving the second reading, said he did not propose to make a formal second reading speech because the Bill contained a wide variety of subjects which could well be explained in committee. Mr. M. J. Savage expressed disappointment with tho Bill, declaring it was doplorablo that in the midst of the greatest financial crisis in the history of tho country the Financo Bill should not contain a lino that mattered to anyone. For that reason lie moved as an amendment:

the country had waited in vain for a lead from tho Government. Mr. A. D. McLeod complimented Mr. Savage on the reasonable manner in which his amendment had been moved, but said he could not oxtend tho compliment to Mr. Howard, who, he considered, had given the game away when he feferred to members being “caught” by tho terms of the amendment. Was tho whole object of the amendment to catch certain members? Personally, Ho was too old a bird to be caught with that sort of chaff. It had been offered too often from the Opposition benches. Continuing, Mr. McLeod said the difficulties of tho day presented many aspects and there were varied opinions as to how a solution could bo reached. For that reason the Government was wise in seeking an adjournment of Parliament for the purpose of enabling the whole position to be reconsidered.

“That this House is of the opinion the Bill should not he proceeded with until the following means of meeting the Dominion’s financial and economic difficulties and placing the national revenue and finance on a sound basis are considered by the House: 1. Restoration and stabilisation of purchasing power. 2. Guaranteed prices. 3. Raising incomes of farmers and workers employed and unemployed. 4. Exchange rates. 5. Effective utilisation of currency and credit. 6. Bounty subsidy or bonus to primary producers. 7. Establishment of moratorium.”

Replying to a question as to whoro ho personally stood, Mr. McLeod said he had been elected pledgod to support, tho Coalition Government, and he would support it. If the timo came when he was unablo to abido by that plcdgo ho would know what to do. There was only one honourable road for a man to take under such circumstances, so far as his duty to the electors was concorned.

Mr. C. H. Chapman said Mr. McLeod was wrong in assuming that the purpose of the amendment was to catch certain membors. Its purpose was to bring before the House the urgent necessity for discussing certain suggestions designed to assist in the solution of the difficulties facing the Dominion.

Continuing, Mr. Savage declared tho Government was doing nothing while commercial houses wore tumbling, farmers wore being faced with ruin, and wage-earners were destitute. Mr. D. G. Sullivan: “Nero fiddling whilo Rome burns!”

Tho Leader of the Opposition complained that the Government had done nothing in tho direction of even mitigating unemployment, which was the greatest problem at tho present moment. The position was more desperate and more dangerous than ever before in the country’s history. The Government did not seem to realise tho danger of.the situation in which thore was absolute destitution in the midst of plenty. “We sometimes hear a single voice shouting down into the chamber,” Mr. Holland said. “Unless something is done to relieve distress it is not going to remain a single voice. It is one voice today, but it may be a hundred next week, and before long there may be thousands of men demanding—and justly demanding—relief from Parliament, on whom there is a duty to protect the people from starvation.” •

Mr. Savage: ‘‘Why, that is an insult to Nero! Nero was at least playing a tune. The Government has not got one to play. It played tho tambourine a bit at Motueka and left it at that.’ 1 Mr. Savago reiterated that the Bill did not give tho slightest relief to anyone. It appeared that the Government could not afford to bring down anything worth while, because the component parts of the Coalition were quarrelling among themselves about their proposals. Ho insisted that the House should not adjourn until the major measures outlined in his amendment had been discussed. His side of the House did not necessarily pin their faith to all of them. There was room for a difference of opinion as to the problems facing the country. He appealed for an opportunity to discuss these problems before members returned to their homes, and stated that the amendment had been moved in the be'st spirit imaginable. He invited the Government to accept it in that spirit. Mr. E. J. Howard, who seconded the amendment, said tho torms of the amendment moved by Mr. Savage were sufficiently wide to ‘‘rope in” all the members. He asked whether any of tho business of the session, with the exception of the Mortgagors and Tenants Further Relief Act, had been of a helpful nature, and contended that

The Leader of tho Opposition went on to declare that the whole essence of tho present economic situation was the breakdown of capitalism. He asked tho Minister of Finance whether he would cause a Note couched in similar terms to thoso of the British Note to the United States to be sent to the United Kingdom in respect of New Zealand’s debt there, with a view to casing tho position of’the Dominion in the present crisis. The House was still sitting at 2 a.m.