Parliament

Press, Volume CVII, Issue 31382, 30 May 1967, Page 14

Parliament

Sir,—lt is often stated that banks create credit from nothing. Mr Bray thus seems justified ta claiming that social credit should be Statecontrolled. Actually, however, the Issue of huge sums of costless credit ta recent years by the State has reduced the purchasing power of money by (according to one correspondent) over 50 per cent This results in the continuous demands for wage adjustments and increases. Bankers, however, do not tell the whole story with regard to trading banks. They create credit because they possess a valuable asset. They are credit-worthy because they have the power to discern and

. back creditworthy people. I Progress could thus largely < be due to the skill and know- : ledge ot the banks.—Yours, • etc, I T. M. SHAW. ! Westport, 1967. Lottery Winners ' Sir,—l, too, protest at the ' publication of details regarding the winner of the Mam- ' moth lottery. To protect ticketbuyers, both the Mammoth and Golden Kiwi lotteries state clearly that “name and address not published if ' nom de plume used.” News- ' papers which are careful to ■ respect the anonymity of 1 their own correspondents ' could be expected not to abuse 1 this safeguard by divulging 1 even ta veiled language, the ■ identity of a lottery winner ’ who clearly shows his desire ; to remain anonymous.—Youra, etc, PRINCIPLE. May 27, 1967. Sir,—l fully support “Fair i Play.” What is a non-de-plume for if not for anonymity? We all know how winners are pestered by writers of begging letters. Remember what happened ta Australia and have this interference nipped ta the bud.—Yours, etc, B. REASONABLE. May 28, 1967. I.M.F. Loan Sir,—l think “What Hope?” misunderstood my last letter. Far from intending to chastise the Labour Party, I meant to convey my delight and amusement at the twoparty circus which has come to be accepted as Parliamentary debate. If “What Hope?” refers to the 1965 Year Book, he win find the following facts: on March 31, 1958, our debt to the United States was £3,963,000 ta New Zealand currency. On March 31, 1961 (after the nearest one can get to three financial years of Labour's administration), our debt to the United States had increased to £18,498,000. Three years later, under a term of National administration, the debt oo March 31, 1964, was £20,910,000, which included a loan from the- World Bank of £934,000. There has been a large increase since. Dominion status and sovereignty are past history. They were sold economically to GA.T.T. by Labour and sold financially by National to the World Bank.—Yours, etc, DOLLARIUS. May 27, 1967.

Home Boxes At Riecarton Sir,—As the longest residents, of over 46 years, of Racecourse road we raise our small voices against the Canterbury Jockey Club’s project of putting so many more unsightly loose-boxes along the road line. They have plenty of land next to the track which, with a gate entrance, Would be safer for local children than having excitable hones using the street. The stables, which are an eyesore in this residential area, should be pulled down Instead of putting up more.—Yours, etc., TWO MORE IRATE RESIDENTS. May 27, 1967.