WAR LOAN APATHY

Auckland Star, Volume LXXII, Issue 122, 26 May 1941, Page 4

WAR LOAN APATHY

AUSTRALIAN EXPERIENCE

"MONETARY CRANKS" BLAMED

Commenting on the disappointing result upi to u. v g « n regard to applications for the lourtb Sublic loaii for war and works expenditure in the Commonwealth (£35.000.000) the NaUonal of Australasia, in its monthly circular, expresses the i£w that* one of the most important reasons for the lack of public enthusiasm is the constant dlspar##ement of the financial s.tm br -social eredltand other monetary cranks during the **11 WM ™nhy of note that some of the publicity given to attacks on orthodox methods of finance appeared to have been timed when they would be most harmful to loan fl ot ations____ It is not so much the actual schemes advocated by the monetary cranks that arrest public opinion, adds the circular, "as the doubts they raisoas to possible changes In the financial system. People have been influenced by constant repetitio: n - by persistent propaganda, towards the belief something Is wrong with the present monetary system. They do not realise that every oneof these "monetary tricks' has been again—to the enrichment of the few and the ruin of many. One thing, however does seem certain—there Is a hesitancy on the part of many to subscribe to war loans while so much Is being made of the possibility of financing the whole war effort "through the banks or by resort to unlimited credit expansion."