WORKERS ARE REALISTS

Evening Post, Volume CXL, Issue 54, 1 September 1945, Page 8

WORKERS ARE REALISTS

VALUE OF MONEY AND SAVINGS

The average working man and his wife are not interested in political catch-phrases or party propaganda. What concerns them most is the purchasing power of wages—and the value of their savings. . Most workers have found during recent times that any increases in earnings are more than swallowed up with the extra cost of the goods and services they have to buy. At the end of each month they are no better oft than they were a year ago—often less so. At the same time they realise that the money they have saved and placed in the Savings Bank or National War Savings is gradually decreasing in purchasing power. And they ask: What, will savings be worth when goods are available again in a year or twos ilme? , . ... This reduction of money-value is the direct result of Socialist ideas of finance. Inflation has been brought about by State control of credit, and its consequence is an "easy money era. Inflation inevitably breaks down the value of our money, and everybody suffers—especially the workers and the older people on fixed incomes. It is especially hard on workers who are not Socialists and who have no faith in tne Labour extremists. Now the Government wants to go further in the same direction, by taking over the Bank of New Zealand in order to control its credit policy. Loans without limit or security are promised. That means more money. It means fewer goods can be bought with two ten-shilling notes than one could buy previously. —P.B.A. .