STABILISING MONEY

Evening Post, Volume CXI, Issue 41, 18 February 1931, Page 7

STABILISING MONEY

A PROFESSOR'S PLAN

AN" INQUIRY SUGGESTED

(By Telegraph.—Press Association.) NELSON, 17th February. A resolutioE urging that the Government should make an investigation of the money stabilisation jlan of Profesosr Irving Fisher, as recommended by, the New Zealand Board of Trade in its annual report in 1919, was adopted by the Nelson provincial executive of tho Farmers' Union following oa an address by Mr. A. N. Field, of Okhvi Bay, Croixelles. Mr. Field quoted from tho Board of Trade's report showing how in tho inflation period in 1919 all sorts of remedies were put forward, but no attention paid to the money end, the real seat of the trouble. Tho board had urged Professor Fisher's plan for stabilising money which should be thoroughly gone into. The need was just as great to-day. Mr. Field read a passage from a letter he had received from Professor Fisher in which he expressed the opinion that it would be quite feasible for New Zealand to put his stabilisation, scheme into operation without reference to other countries, but that it would bo beter to get the whole Empire in. at once. Undoubtedly it would be better, said Mr. Field, but the best way; to get the rest in was to have a try, out here. From a prominent director of the Bank of England Mr. Field had also received a letter in which it was stated that, while London was against doing anything but fumble about looking for gold to recover some inherent stability, there was a possibility that objections might be waived in face of the emergency, to our trying out Professor Fisher's plan. If ever there was a a emergency, said Mr. Field, New Zealand surely had it with the Hawkos Bay disaster on top of the slump. The executivo decided unanimously to support the request for an examination of Professor Fisher's plan, also to request the National Economic Committee, about to sit in Wellington, to hear Mr. Field.