INDUSTRIAL CONTROL.
| Your correspondent "C.M.L." makes n° I attempt to answer any of the eight questions I. put to him, but merely reiterates his first contention that monetary reform is the one and only essential to solve all our difficulties. Can "C.M.L." mention any instance where credit and currency expansion has succeeded without the enforcement of regulations governing- rates of wages and working hours. What happened in the L T .S.A. during 1923 to 1029? The lion's share of the increased currency and credit went to enrich the owners of industrial undertakings and led to increased profits and dividends, and wild speculation followed by the inevitable crash. It follows, therefore, for this and a dozen other reasons, that any sacred policy of monetary control involves a much greater degree of industrial control than exists at present, and that the socialisation of credit which "C.M.L." advocates must inevitably lead to the socialisation of industry which he abhors. R. C. SIMMONS.
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Bibliographic details
Auckland Star, Volume LXVI, Issue 22, 26 January 1935, Page 8
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159INDUSTRIAL CONTROL. Auckland Star, Volume LXVI, Issue 22, 26 January 1935, Page 8
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