MONETARY COMMISSION’S REPORT

Press, Volume XCIII, Issue 27963, 9 May 1956, Page 7

MONETARY COMMISSION’S REPORT

Sir.—Mr Wheeler complains that, as our trade with America is almost at a standstill, we should join the International Monetary Fund and World Bank. In other words, we should sell ourselves into dollar-bondage for the honour of imoorting American goods. Should we show the inevitable adverse trade balance, any deficit could be rectified by simply borrowing more dollars. Any business man adopting a similar policy would be bankrupt within a year. How a nation gets away with it is explained on page 741 of the 1955 Year Book: ‘‘The money composing the public debt has been borrowed on the security of the public revenues of New Zealand. No portion of the public estate is pledged for payment of either principal or interest.” In other words, the people, and not the country, are mortgaged to the merchants of debt. Thus, each child born in New Zealand inherits a debt of £4OO as a christening present. —Yours, etc., GEO. M. EDMONDS. May 8. 1956. Sir, —When a Social Crediter like Mr Geo. Edmonds makes his bed he has to lie in it. He was incorrect in terming my letter “bunkum”: there

is no such word. Mr Edmonds should learn to spell correctly before expatiating on his fantastic financial theories. Once there was a member of the American Congress from Buncombe county. His fellow representatives were anxious to vote on an issue, but lhe member for Buncombe spoke on. Other members said he was bound to talk on for Buncombe: hence “buncombe.” Then. Mr Edmonds has no right to denounce the World Bank. With the International Monetary Fund, these two organisations could promote an ever-increasing exchange of the world’s goods between all nations and thus avoid economic wars and s frictions. Such trade would increase world prosperity apd be a great contribution to world peace.— Yours, etc., RALPH S. WHEELER. Timaru. May 8, 1956. Sir.—At the time of the Monetary Commission hearing, the thought strongly impressed me that, to the average person, it must be most confusing for anyone (not only a Social Creditor), to have to answer prepared questions on the spur of the moment, which half a dozen skilled snipers are waiting to fire at you. I think most people will agre that it would be confusing in the circumstances, knowing I that all coming reforms have met with

identical opposition. Remember, the same set of opposition made a similar attack on the social security reform, but this reform won on its merits, and “They’ve Had It,” will find out who has had it. sooner •or later, on merit also. I am meeting people everywhere who did not see the strength of Social Credit at the last election, who see it now.—Yours, etc., J. HIGGINS. Hokitika, May 7, 1956. [The questions were not prepared: the witnesses’ submissions were. Surely witnesses should not be confused when answering questions based on their own submissions.—Ed., “The Press.”] lA. G. Todd may briefly reply; otherwise. this correspondence is closed. —Ed.. “The Press.”]