PROSPERITY LOAN

Ashburton Guardian, Volume 56, Issue 8, 22 October 1935, Page 5

PROSPERITY LOAN

TWO YEARS DEVELOPMENT LOAN INDUSTRY AND FINANCE. MR LLOYD GEORGE’S PROPOSAL. United Press Association —Copyright) (Received This Day, 10.45 a.m.) LONDON, October 21. Flotation of a prosperity loan, of £216,000,000 for a two years’ development programme is proposed in a pamphlet issued by Mr D. Lloyd George’s Council of Action.

The Council points out that the interests and amortisation thereof would absorb £9,000,000 yearly, compared with £110,000,000 yearly for maintaining unemployed. The pamphlet suggests a Central Planning Board to deal with housing, industry and regional planning, with commissions dealing with housing, roads, reconstruction of docks, and extension of public utilities. It also urges that efforts be made to revive freedom of trade in which the principle of reciprocity would apply equally to the Empire and foreigners, nationalisation of mining royalties, and the setting up of a central authority for the cotton iron, shipbuilding and shipping industries. The Bank of England would become a public institution instead of a self-perpetuating oligarchy, while private banks would accept limitation of profits and a measure of regulation facilitating co-operation with the nation policy in relation to the direction of credit.