Candidate For Westland Attacks Money System

Press, Volume CII, Issue 30287, 13 November 1963, Page 13

Candidate For Westland Attacks Money System

Billions could be churned out for war, and no-one asked questions, but when it came to feeding hungry millions and providing muchneeded services, there was no money—a sad eflection on people’s intelligence, Mr I. M. Fraser, Social Credit candidate for Westland, said in an election address at Harihari last evening. Social Credit believed that what was humanly possible and desirable should be made financially possible. A money system that could be geared for war could also be geared for peace. “We in Westland can have wonderful opportunities. We can turn this depressed province into a prosperous, happy community if the financial shackles which are holding back our development are removed,” Mr Fraser said. Up to 1946 World War II cost three times a much as World War I. The amount spent could have provided a £12,000 house, £4OOO worth of furniture, and £20.000 in cash to every family in the United States, Canada, Australia, Britain, Ireland. France, Germany, the Soviet Union, and Belgium. Each town of more than 200.000 population could have been given £2sm for libraries, £2sm for schools, and £2sm for hospitals, he said. “Who Turned the Handle?” “All this happened within 12 years immediately after the world depression during which there were doles, soup kitchens, and the like—and no money. Who claimed the right to churn out the millions sunk into the war? Did anyone raise the point, ‘Where does the money come from?’ or ‘Who turned the handle?’ ” It was the responsibility of the Crown and Government to supply the people with a money system. That system should be owned by

the Crown and not by the banks or the agents who operated them. The Crown owned the right to create coins an<‘ notes. It should also use the right to create credit on behalf of the people who produced the nation's goods and services. A currency based on the country's production was then a reflection of the real wealth. If more goods and services were produced then more money was needed to consume and utilise them. It was just plain common sense, Mr Fraser said. Use of Resources In Westland Social Credit would introduce industry based on such resources as coal. With a policy designed to utilise natural resources for the conserving of overseas funds, Social Credit would seek to expand coal production and establish in Westland inlustries such as the manufacture of briquettes, the production of nitrogenous manures and of tar ammonia disinfectants, metallurgical coke and other by-products. Because of difficulties peculiar to the West Coast, loans up to 100 per cent at 3 per cent interest would be made to farmers for land development. Existing land development projects would be continued and reafforestation of all land unsuitable for grazing would be undertaken. With the establishment of industry on the West Coast, the Greymouth harbour would be improved to take vessels up to 10.000 tons. “This is a progressive policy based on local resources,” Mr Fraser said. “It can be done, but you. the electors, must make the first move. You are fully aware of the treatment we have had over the years. A change in policy means a change in representation. Your v. te is your only weapon; use it for the development of Westland and assure yourselves of a progressive future.”