NOT IDEAL TEST.

Auckland Star, Volume LXVI, Issue 203, 28 August 1935, Page 7

NOT IDEAL TEST.

Major Douglas and Alberta

Credit System. THE BOGY OF THE BANKS. (Received 9.30 a.m.) LONDON, August 27. The originator of the credit scheme, Major C. H. Douglas, in an interviewyesterday, said he was confident it would be implemented in Alberta. He insisted that Mr. Aberhart's promise of 25 dollars a month to every adult citizen was practicable, though no doubt the scheme would have to be developed by stages. "I do not fear the banks," said Major Douglas. "They are made into bogys. If there is any difficulty about their co-operation it may have to be enforced. If I visit Alberta again it will be in the capacity of reconstruction adviser." ' Major Douglas admitted that a local, as distinct from a universal, adoption of his ideas did not provide ideal conditions for their success, but insisted that there was a steady world-wide movement in favour of his proposals. From Calgary, it is stated that the Reid Government is suspending payments on Alberta Government Bank savings certificates following a rush by depositors to withdraw tliep. - savings in fear of the coming' inauguration of social credit. Government certificates are pavable on demand up to an outstanding total of 10,000,000 dollars. . Alberta stocks in London were marked down yesterday 4 to 5A points, but sales were possible only by negotiation.