THOSE MILLIONS.

Auckland Star, Volume LXIX, Issue 139, 15 June 1938, Page 6

THOSE MILLIONS.

At the ri-k nf becoming wearisome I ii. repeat that those millions which be-anr! deposits in the Kngli-h flank- mi tlie "ah- "f the \e\v Zealand butter remained then l ii-i credits to partly pay our interi'i-t on the Kir.'-li-h debts and partly to form the founda t!• n for a frec-h creation of credit to he u-ed i..r another cycle nf Engli-h product inn. [ emphatically dcnv that they pai<l for the Ku_'jlirdi good- imported into New Zealand. There, were paid for by the New Zealand consumer I l.y Xi iv Zealand hank credit issued for New Zealand product inn. The time lag come- in:«» the question. Mr. John-tone should know tli.it hank-; do not lend their cui-tomcri-' depn-i's and also that money never leaves a country, liy co-11 e-r- credit wo mean that as crnatioii of credit only c*-t- the hank per .tl'xi. \v e iilpo need a portion of our financial credit to ji>e given us at ".hat price. i.e., the credit to till the gap between product inn and consumption. His reference' to sound finance l-!avc* me cold. A« Mr. Davey's evidence before the superannuation commii-c-ion showed. "All that orthodox l'Hance has produced in almost every country was chaos.'' The word* were used to the Hon. .T. ('•. Cobhe, and I don't think ho or Mr. Johnstone have anything to hoa-t ab<>ur. Surely £1 per week is an inhuman money allowance for an old aye pensioner «lien uc could easily jiroduee enough wealth for ail equivalent of t!10 per week. But where, mav I ask. is the money? What is the banker doing? ' H. S. WIN THRO P.