Mixed reaction to 'money’

Press, 15 September 1976, Page 3

Mixed reaction to 'money’

PA Hamilton The Mayor of Hamilton (Mr Bruce Beetham) expressed amusement yesterday at criticism by the Prime Minister (Mr Muldoon) about his rates voucher plan. At a press conference on Monday night, Mr Muldoon had said that Major Douglas (founder of the Social Credit

Political League) thought of the idea in 1918, “but it didn’t do much good.” Asked if he could stop Mr Beetham’s plan, Mr Muldoon said: I don’t know if I am able to stop him, but anybody who accepted it would be out of his mind. Mr Beetham said he was amused by Mr Muldoon’s comments, which he said

would ensure his own aim of extensive public discussion and debate about the plan. He said that Major Douglas had never suggested a rate voucher scheme, and as far as he knew it was not part of Social Credit policy in any part of the world. The Hamilton branch of the Values Party yesterday deplored Mr Muldoon’s remarks, and his “cavalier attitude” to Mr Beetham’s proposals. A Values spokesman, Mr James O’Neill, said that although the scheme was likely to be hindered by problems, Mr Beetham was to be applauded for a “Sincere and imaginative attempt to find a solution to Hamilton’s financial difficulties.” He hoped Hamilton people would not be swayed by Mr Muldoon’s “scornful and name-calling tactics” and would give the proposal their genuine consideration. As predicted, the scheme has met with “reservations” from the Hamilton Chamber of Commerce; The chamber’s president

(Mr G. N. Jellie) said yesterday that businessmen would be unlikely to hoard the vouchers for rate payments because of the cash flow problems this would bring to their businesses. He said that businessmen accepting the vouchers — which are planned to circulate as legal tender — would probably return them immediately to the council in exchange for cash. “The council could have them back on its plate perhaps in a week,” said Mr Jellie. “At this stage this appears to be the short-fall of the scheme.” Businesses had to work on a cash flow, and keeping the vouchers for rate payments would increase business costs through bank overdrafts. However, he said, he would reserve criticism of the scheme until he had more details on its viability and the costs involved. “If it’s of sufficient worth to the city, then I hope the business community would co-operate and see it is for their benefit,” he said.