MONEY REPORT.

Auckland Star, Volume LXV, Issue 240, 10 October 1934, Page 14

MONEY REPORT.

DEBATE ON PARTY LINES.

ATTACK ON HON. W. D. STEWART,

(By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. Nothing of consequence that had not been already stated, cither in the report of the committce or in the evidence submitted to it, came out in the House of Representatives yesterday as the "result of the debate on the report of the Monetary Committee. In fact, the debate was easily the dullest of the session, and was entirely confined to the back benches on both sides of the House. Purely party lines of thought were followed, tho Government members favouring the present system and Labour men advocating their policy of complete control of credit by the State, while, Mr. H- M. Rushwortli, lone representative of the Country party, declared himself in favour of Douglas credit. The chairman of . the committee, Mr. J. A. Nash, pinned his faith to the restoration of prosperity through low interest rates, while Mr. F. Langstone (Waimarino), as the currency expert of tho Labour party, used familiar wartime examples to urge fiState control of credit. Mr. Rushwortli described the summary of Douglas proposals, as prepared by tho committee's secretariat, to be unfair, and complained that the report was released on the eve of the Australian elections and was published 12 hours before the booths opened. Mr. J.N. Massey (Government, Franklin), who is seldom heard in the House, attacked the Hon. AV. Downie Stewart's dissenting memorandum, declaring that Mr. Stewart had more sympathy for the moneyed classes than for the primary jjoducers. He also said, in reply to an interjector, that he had no knowledge of a better system than tho present one. Tho report was talked out.