Loan Finance
Sir, —Mr R. O. Smillie of the New Zealand Bankers’ Association attacks Mr Skinner’s recent statement on the control of borrowing and lending of, money by a State authority as being based on fallacious and outdated theories. Is not the present system which allows private institutions to lend created money at high interest rates fallacious, when the same is obtainable from the Reserve Bank at less than 1 per cent? It is the proper function of a government to create all money, and is its greatest creative opportunity. A high percentage of this prerogative has been surrendered by successive governments to private institutions. Only by restoring this prerogative to
a government which would issue new money as consumer credit to effect an equation of purchasing power and prices can New Zealand be set on the road to economic security.—Yours, etc., ONWARD. January 20, 1968.
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Bibliographic details
Press, Volume CVIII, Issue 31584, 23 January 1968, Page 10
Word Count
146Loan Finance Press, Volume CVIII, Issue 31584, 23 January 1968, Page 10
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