Monetary Systems

Dominion, Volume 27, Issue 36, 6 November 1933, Page 11

Monetary Systems

Sir, —It is rather amusing to learn from your correspondent Mr. J. McCormack that New Zealand’s reputation for sanity (?) will be endangered should the Government decide to set up a Committee of Inquiry into the monetary system. We have hot been advised that Canada suffered in this direction when that Dominion took such action, nor have we heard of any suggestions of. insanity in the setting up of “The Macmillan Committee.” It is interesting to note the remarks made by Mr, McCormack, that not one of the 66 nations represented at the “Economic Conference” will have anything to do with “Douglas Social Credit.” It has been widely reported that for various stated reasons the “Conference” agreed to adjourn to some future date, without discussing the main question of “monetary reform,’-’ but. of course, it may be that your correspondent has been supplied with some definite inside knowledge that Douglas Social Credit had been discussed and rejected by all the nations represented; in such case he should feel very pleased indeed to feel contented that there shall be no alteration in the procedure and practice of banking and finance. Certainly it will be readily agreed that we have no right to “nail up above our door the slogan ‘We lead, others follows.’ ” Such a slogan would be contrary to fact. A much more applicable slogan would be. “We fall, others follow.”—I am, etc.. LEGION 5255. Palmerston North, November 3.