Bank Charges

Press, Volume CIX, Issue 32312, 2 June 1970, Page 14

Bank Charges

Sin—Banks lend money which comes into existence by the act of lending, and getting interest on such money is so profitable that it cannot be shown in balance sheets. There is a good case to be made for abolishing interest charges, but I cannot make it in 150 words. The Trades Practices and Prices Commission shies away from investigating the hidden reserves in bank balance sheets and the Auditor-General accepts the valuations put on assets. Only a Royal Commission would have the power to bring to light the hidden profits which result from interest on money created by mere pen and ink in bank ledgers.

Prices will continue to rise while interest is claimed on created money. If the editor would allow me to use the correspondence I have had with the Trades Practices and Prices Commission, the public could soon draw their own conclusions. If Mr Muldoon reduces the buoyancy of the economy he could soon have the country in another slump.—Yours, etc., W. B. BRAY. Leeston, May 30, 1970. (Mr Bray and his former Social Credit colleagues have already had the opportunity of putting their various—and often con-flicting-theories before a Royal Commission.— Ed., “The Press.”]