“A NEW SOCIETY,” SAYS SOCRED

Press, Volume CXII, Issue 33063, 2 November 1972, Page 1

“A NEW SOCIETY,” SAYS SOCRED

(New Zealand Press Association)

HAMILTON, November 1.

Social Credit envisaged a new society, a society in which people mattered most, said the Leader of the Social Credit Political League (Mr B. C. Beetham) tonight. He was speaking at the opening of the league’s General Election campaign in the Embassy Theatre, Hamilton.

“We are concerned that the best human values are being progressively swept aside by the grasping materialism fostered by the present economic system,” he said.

Mr Beetham referred to inflation and said it was the fundamental cause of New Zealand’s social problems. The great stimulus to inflation was coming from usury, he said.

"Usury is now running riot in New Zealand and the financial parasites are having a field day in our economy. Eight out of the top 10 profitearning companies in New Zealand last year made their money by lending money. Finance houses made profits of 32 per cent plus on share capital merely by lending money, while companies actively engaged in manufacturing the goods and producing the services which people need struggled to survive.”

“Iron grip”

Unless the process was checked the whole economy would progressively, come within the iron grip of the finance companies, said Mr Beetham. The biggest holdings in the finance companies were held by the Government’s most enthusiastic supporters and by overseas-owned private trading banks. "Uncontrolled profits from hire-purchase and the shortterm money market are included in the price of goods produced, thus greatly reinforcing inflationary trends,” he said. Social Credit would drastically reduce interest rates on hire-purchase. Simultaneously the private trading banks would be deprived of their right to create credit.

“The moral right to create and cancel the nation’s financial credit will be restored through the Reserve Bank to the people of New Zealand. “The private trading banks under Social Credit will act as distributive agents of the national credit with the right to levy on their customers a reasonable charge for services rendered.

"Low-interest loans to give production the stimulation it so urgently needs will be made available through the trading banks. Normal overdraft interest rates, charged for services rendered by the banks on behalf of the Reserve Bank, will reduce inflationary pressures by denying finance companies the right to take income from producers who, in defence, must put up prices to cover these unjust and immoral costs,” he said.

Mr Beetham described rate increases as "a political swindle” and said it was essential that local bodies should be able to get Reserve Bank loans at 1 per cent Reserve Bank “Low-interest loans to local bodies from the Reserve Bank — as applies now to some authorities, such as the Dairy Board — could save ratepayers many millions of dollars without increasing anyone’s costs, rates, or taxes,” he said.

Local-body amalgamations would only scratch the sur-

nationhood, a new society with an independent policy without colonial attachments to Britain, the United States, or any other Power, and one with a positive defence policy based on bilateral, reciprocal trading relationships with willing nations on a mutual credit exchange basis,” 'he said. Inflation effect Mr Beetham predicted a further round of "roaring and uncontrolled ini the next few years unless I present financial policies were reversed. "If either National or Lab-j our is returned to office, New Zealand will continue on its purposeless way. The selk-out of New Zealand will be virtually completed by the next election under either of them —and New Zealanders will become mere servants in their own land.” (Social Credit Manifesto, Page 17)

face of the basic financial problem, and if financial reform did not take precedence over amalgamation as a means of effecting economies, then local bodies would increasingly “be sucked into the absorbent pad of centralised Government and its agencies.” “Unless the Social Credit policy of 1 per cent loans for local bodies is implemented soon, local government will expire under its present and intolerable burden of debt servicing,” he said. Special series Mr Beetham announced a special series of policies for the senior citizen. These included free radio and television licences and telephone rentals and an annual travel warrant which would be valid for a month and which could be used outside holiday periods. Farmers were promised an annually assured profit, and unemployed were promised a system of payment according to normal award rates when they had been displaced by technical advances and if they did not refuse to accept work suitable to their abilities near their homes. As announced earlier Social Credit would ratify the land and citizenship provisions of the Treaty of Waitangi, said Mr Beetham. Turning to conservation questions, Mr Beetham said that his party would not sacrifice ecology to economy by allowing the raising of Lake Manapouri.

“League stronger”

"Contrary to the impression created by the news media that the league has been weakened by the events that have occurred within it this year, the league has in fact been greatly strengthened by those events. The league became united, coordinated. moderate, rational and credible to a degree rarely experienced in its previous history.” Mr Beetham said that the unchecked growth of monopoly would be stopped by the establishment of antitrust laws. Most of the monopolies were overseas-owned. “Let ug get New Zealand back now before it is too late, and combine this effort with a new society—a society with a sense of purpose and