SOCIAL CREDIT POLICY
Comment By Mr Watts
(New Zealand Press Association) WELLINGTON. October 1.
“The Social Creditors have given up talking about a ’gap.’” said the Minister of Finance (Mr J. T. Watts) when asked to comment on the policy statement made by the leader of the Social Credit Political League (Mr Wilfrid B. Owen).
The Minister said he had cursorily looked at the statement, which appeared to be as uncoordinated as the evidence given by Social Credit witnesses before the Monetary Commission. The basis of the theory of these witnesses before the commission appeared to be the existence of a “gap" between the production of goods and the supply of money. “If there is no ‘gap’ there Is no Social Credit theory,” added Mr Watts.
The Monetary Commission, he said, conclusively disposed of any suggestion that there was a gap. and Social Credit had now given up talking about one.
Mr Watts said that some parts of the policy as announced would result in a surge of inflation.
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Press, Volume XCVI, Issue 28397, 2 October 1957, Page 14
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169SOCIAL CREDIT POLICY Press, Volume XCVI, Issue 28397, 2 October 1957, Page 14
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