“UNPRECEDENTED PROSPERITY”

Press, Volume LXXIV, Issue 22317, 3 February 1938, Page 9

“UNPRECEDENTED PROSPERITY”

m THE EDITOR OF THE I'II.ESS Sir. —My humble apo'ogies to your correspondent, “A Man In The Street,” for not answering his letter before The fact is that I have been in the backblccks for the last 12 days and have not seen a newspaper during thai period. He asks why I used the pen-name “National Credit.” This name was chosen merely at random, and has no necessary bearing on the contents of the letter. National Credit has been defined as “the ability of a community to deliver goods and services, as, when and Where required.” This answers, very briefly, the two points raised in my critic’s letter. ' . My criticism (ahd that of thousands of others) of the Labour Government is that, for public cervices, it is operating on a debt system of finance, instead of a credit system. All the money spent on public works, etc., is debt TOOney, and this has to be repaid —hence my remark that a country cannot get out of debt by. getting deeper into debt. The Labour Government is plunging the country rapidly into deeper debt. There is no need for

(.his. and there lies no solution to our financial problem in the financial policy pursued by Labour, which is, in short, debt, more debt, eternal debt —Yours, etc., NATIONAL CREDIT February 2. 1938 (Subject to the right of reply of •■Prosperity.” this correspondence is now closed. —Ed., “The Press, i