BANKS AND MONEY.

Auckland Star, Volume LXVI, Issue 250, 22 October 1935, Page 6

BANKS AND MONEY.

[ "Jack Blunt" surely puts liis finger right on the starting point of the world's troubles in liis letters to you of the 4th and 17th inst., but tlie drain on the community's wealth is not only per medium, of tlie interest charged on money used in business; rates are about 80 per cent interest charges, as also are taxes. In fact if the expenditure of the average producing member of society is analysed it will be found that at least 75 per cent of the money lie collects as wages or salary goes directly and/or indirectly to pay interest charges, leaving him with 25 per cent to buy the things that his ability and labour have created. The detrimental effect upon business is not the whole indictment against interest. I crave space to mention just a few others: It robe mankind of the full benefits that should have accrued to Mm by the invention of labour-saving machinery; it is responsible for the artificial restriction placed upon the more modern means of transport—the motor —and the bolstering up of the railway system; it puts power, otherwise unobtainable, into the hands of unscrupulous men; and it is responsible for the undermining of the moral standards of Governments and peoples. The more one studies the evil ramifications of interest the more one marvels that the world has tolerated it for so long, and not until the "man in the street" realises its evil effect and places it upon the crimes list will he reap the full benefit of his progress in all other phases of his development. JIM BLUNTER.