CURRENCY REFORM.

Auckland Star, Volume LXIV, Issue 81, 6 April 1933, Page 3

CURRENCY REFORM.

DEMAND BY FARMERS.

"PLATITUDES" DENOUNCED.

PURCHASING POWER NEEDED

(By Telegraph.—Own Correspondent.)

HAMILTON, this day.

An address denouncing wliat lie called a policy of "senseless optimism" by business ancl public men was delivered by Mr. J. H. Furniss in liis presidential address to the South Auckland Conference of the Farmers' Union to-day. "There is no doubt the farming outlook is getting steadily worse and farmers will be compelled soon to take drastic action," said Mr. Furniss. "I firmly believe we shall never return to normal as understood in 1014. Industrial and economic conditions make it impossible. It is high time the gravity of the position was realised. For too long we have heard senseless prattle about turning the corner, brisker trade, 'Cheer Up' weeks, etc. Men who utter this stuff are betraying an appalling lack of knowledge of the world to-day. It is not the pessimist but the optimist who has created lack of confidence in the country. It's useless drugging people into a belief that we can return to prosperity without a drastic overhaul of our currency system and monetary policy.

"We must face the future with courage," continued Mr. Furniss, "but we must not mouth foolish platitudes out of all relation to the facts. People who talk such stuff are guilty. of deceiving the public. We have it on the highest authority that industry in England can never absorb the 3,000,000 unemployed. Production muet be brought into relation with consumption, and the monetary system must be based on goods. Purchasing power can be equated with goods by scientific regulation, thus avoiding inflation. If people are to be denied the right to live,, as they are to-day, the world will return to barbarism." (Applause.)

A suggestion that currency and banking reform should be the national objective of the Farmers' Union and should be given preference over other reforms was made by Te Kowliai delegates. The remit was withdrawn, as the question will be dealt with later in the agenda.