NEW MONETARY SYSTEM

Press, Volume LXXI, Issue 21660, 19 December 1935, Page 14

NEW MONETARY SYSTEM

Problems It Cannot Solve MR W. NASH DISCUSSES “THE SECOND MILE” ASSOCIATION TBLIQRAM.) WELLINGTON, December 18. Stressing the value of reliable statistics, the Hon. Walter Nash, Minister for Finance, in an address to the Institute of Secretaries, said that exact facts were necessary to any true budget, as the kings of old well know when they instituted a census to find out the nature of their kingdom, and, more particularly, to ascertain the taxable - capacity of their subjects, and the number of potential fighting men. New Zealand was faced with a housing problem, he said; but before the Government could go ahead with its programme it must first of all find out the facts. That was why at the present time officers of the Government were engaged in the difficult initial task of framing a questionnaire which, when fully answered, would give them a knowledge of the housing situation in New Zealand and also a basis on which to build their plans. Similarly, before they could attempt to solve the problem of efficient land utilisation in New Zealand, they must conduct soil researches, meteorological enquiries, topographical surveys, and so on. Statistics showed that because of the age and composition of the people and of the rate of natural increase, the population of England would decline. From the point of view of numbers, unless the necessary changes were made, New Zealand was faced with a shrinking British market. Unless those changes were made, one of the main-springs of the existing markets —that was, expanding markets —was gone. i » Malnutrition in Britain They also knew, however, that the British people were seriously interested in the problem of malnutrition, and had in train intensive surveys to determine the nature and extent of that evil. Statistics would come to their aid, and the next problem would be to use the knowledge thus obtained to raise the standard of living of the mass of the people, and to provide for a more equitable distribution. Secretaries and accountants handled statistics frequently, and realised their importance; but there was still a necessity for greater appreciation of and training in their, use. Correct statistics were one of their most vital and treasured possessions, and to omit a census, as one had been omitted in New Zealand on the grounds of economy, was a social crime. It meant that the Government was legislating in the dark—it could not hope to plan properly, and did not really know the country it was administering. He would welcome the co-operation of the institute and others in the improvement of the Official Year Book. Mr Nash said he wondered how many lines of activity in New Zealand had uniform costing systems. He believed that, like third-party insurance, uniform costing methods should be compulsory. Under the economic system as they had known it, Mr Nash said, the outlook would, perhaps, have been serious for New Zealand’s products; but under a system that aimed at providing the maximum possible for every consumer there was unbounded hope. Mr Nash said a new monetary system would not solve transport problems, would not reorganise the education system, could not cure many of those evils which townplanning was designed to cure, nor, finally, could it end the exploitation of man by man, nor the restrictive operation of the profit system. Money and Distribution ‘‘By all means improve our money system; let us be its master,” he said. “If it will help us to distribute the goods we produce in a more equitable manner, if it will progressively extend the production and consumption of goods and services in this country, it will have achieved something for which the majority of us are striving; but if it fails to do this we must reject it just as we must reject any system that fails us. We want the substance, not the shadow. Money is not really the thing that counts. What matters is that every man, woman, and child in this country should receive his or her share of what we annually produce, and that each of us should be enabled to contribute to that production, according to the talents with which we are endowed.” Money was a powerful, if not the most powerful, factor in their existing system. Its purpose was, however, to enable the full life to be achieved, and it must be moulded and controlled to achieve that end. We had in New Zealand both rich and poor, and in building up a type of social and economic system that should give them all a fuller life, they expected all classes, whether well off or otherwise, to pull their weight. Mr Nash asked the institute to help, and said he knew they would respond. It was the principle of the second mile. The wisest man that ever lived advised the application of that principle when He said, “Whosoever shall compel thee to go a mile, go with him twain.”