END TO-NIGHT.

Auckland Star, Volume LXV, Issue 68, 21 March 1934, Page 8

END TO-NIGHT.

MONEY INQUIRY.

LOCAL SITTINGS OVER. MANY WITNESSES HEARD. Having heard and examined 19 Auckland witnesses who advocated various schemes of monetary reform, and considered in addition numerous written statements which did not require the delivery of verbal evidence, the Parliamentary Monetary Committee will conclude it,s Auckland sittings to-night?.

Members expected to remain in Auckland until the end of the week, but by sitting long hours tlicy have been, able to dispose of the work more rapidly than was anticipated, without in any way choking the facilities which, it was laid down, should be given those interested fully to propound their views. The actual sitting days total seven. It is now the intention of the committee, members of which will disband temporarily to-niglit, to adjourn until after Easter and resume deliberations in Wellington during the second week in April. A considerable volume of evidence has still to be taken in Wellington, inciuding the balance of the case of the banks. Additional Witnesses. Two additional witnesses were heard by the committee last night and another four appeared to-day. It was suggested by Mr. P. 13. I'itzherbcrt that there should be instituted a new internal monetary system based upon the law and principles of distribution upon a scale of reward designed to give reasonable gain to, but to curb, the existing motive power of greed, and to encourage in its place the motive power of will ,to' survive which now lay dormant. Transference of the power to create money from the banks to the Ireasury was proposed by Mr. H. G. I!. Mason, M.P. for Auckland Suburbs, who advocated that the funds so creatcd should be disbursed as follow: (a) By retiring all citizens over 5.) years of age, and giving them an annuity according to the average standard of living, without restrictions on account of property or income, in order to provide the openings young men now desired; (b) by increasing various State pensions, such as amounts payable to the blind, widows and incapacitated bv paying produce re so as to raise their incomes to the same figures as if the price of each wholesale commodity were the same as the average for the seven years preceding the depression; (d) by prosecuting necessary public works. Mr. Mason explained that taxation would require approximately to balance disbursements. If any difficulty were experienced with exchange, it might be dealt with by rationing, giving preference to certain classes of imports.

System Defended. A defence of the present monetary | system was made by Mr. F. A. Carlisle, who declared that it was adequate in every respect for the requirements of the'country; that there was ample money and credit available when opportunity offered, in any profitable investment, or national need demanded: and that no alteration in quality or in, the form of the currency or the denomination of it could offer any improvement in the country's needs. The control, and the method of control, of the svstem offered the only way out. Hie idea of making currency equate production was physically impossible. An attractive brochure entitled "The R.-L. Plan" was submitted by Messrs. W. G. Russell and W. S. Lang, which contained eseven propositions, designed, it was claimed, to reduce the burden of taxation immediately and enable money to he raised internally by a simple, procedure. On behalf of the Producer* and Workers' Association, Mr. H. Sclim'dt submitted a sell cm e providing for the issue of reciprocity coupons, based on 2/0 per hour's work for the interchange of work, services and production. It was asserted that under the system improvement in the standard of living would be immediate. Mr. B. Beckerlcg contended that the country needed a system of finance which would possess the facilities for equitably increasing and reducing the amount of purchasing power, with compensatory provision". The State must regain the right of the monopoly of ccrdit .and currency creation and issue, issuance of new credit must be free from debt creation, and further State borrowings should be abolished.