HIGHER FINANCE

Evening Post, Volume CXXIV, Issue 69, 18 September 1937, Page 8

HIGHER FINANCE

(To the Editor.)

Sir.—Arising out of one of the Prime Minister's speeches I have evolved a newer finance scheme on which I should like your comment. I have £1000 out of which I shall need, say, £100 for income tax. The remaining £900 I propose to convert into a "bank"which I shall call "My Own Bank." Having deposited this £900 I shall arrange with "My Own Bank" "credit" for £9000 at "a certain rate of interest" with which I shall erect ten dwellings. These ten dwellings I shall sell for £1000 apiece or £10,000 in all, "My Own Bank" "creating credit" for the purchasers. With the purchase moneys (£10,000), I shall buy a savings bank, a baby car, and a pair of blue budgerigars, placing the balance on fixed deposit at "The People's Bank" owned by my ."Uncle." My financial position will then be, I think, 2 ,Budgees. 1 Baby car. 1 Savings bank. £10,000 Owing to "My Own Bank" by house purchasers. £900 (Original capital). £10,904 If you find my figures are right, do you think I should send this example to Mr. Savage for use in his next speech?—l am, etc., IMOR WRIGHT.