Mr. Otto, who charges one with, "ignoring the main point," is himself avoiding the main issues, which are perfectly plain: Have the trading banks defrauded the public by "loading" the \ State and their private clients with debt for advances that were practically costless? Have they further loaded the public with interest charges that represent no equivalent service? To clarify the position, will Mr. Otto, or Mr. Kelliher, give plain answers to two questions: When the cheque that brings an advance into existence is deposited does, or does not, the bank take over an obligation that balances the obligation of the borrower to the bank? If banks are to charge no interest on their advances how are they to meet the costs involved in paying some hundreds of staffs, paying enormous rates an<J taxes, and meeting their obligatiohs to depositors and shareholders? When these two vital questions have been settled the further question of how to secure stable money values might be profitably discussed. J. JOHNSTONE.
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MONEY DANGERS, Auckland Star, Volume LXXVI, Issue 177, 28 July 1945
MONEY DANGERS Auckland Star, Volume LXXVI, Issue 177, 28 July 1945
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