SOCIAL CREDIT CONVENTION

Evening Star, Issue 21935, 23 January 1935, Page 14

SOCIAL CREDIT CONVENTION

ADDRESS BY MR RUSHWMH RESERVE BANK THE “ MORTGAGEE IN POSSESSION” [Per United Press" Association. 1 TAURANGA, January 22. The formal opening of the Douglas Social Credit Convention at Alount Maungauui took place this morning. Mr A. F. Tunks, Mayor of Tauranga, and Mr F. Bennett, chairman of the Alount Alaunganui Town Board, welcomed the delegates, and expressed pleasure that the district had been selected lor the conference, Air H. Atmore, M.P., thanked the speakers for the welcome extended, and declared amid applause that the opponents of the movement did not dare to come out into the open, and presentday financiers could not get the verdict without a special jury. The movement was the greatest of all time, as‘it supplied the remedy for the greatest evil and was engineered by the greatest man in the world to-day, winch was no extravagant praise for Alajor Douglas. He' then dealt with the question along the lines of speeches frequently delivered. Mr H. M. Rushworth, ALP., in a lengthy speech, said that there had been three outstanding events during the past year. The first was the setting up of the" Monetary Committee, of which he had been a member. It was a very valuable but extremely boring experience. The second was the passing of the Reserve Bank Act, and the setting up of the Reserve Bank, which should be called the Bank of England, and, more truthfully, not a bank at all, but the mortgagee in possession. The speaker then dealt at length with his experiences gained in Australia, and the growth of the movement there. He pointed out that the sugar growers of Queensland had not felt the depression, because they had a guaranteed price for their product, and knew exactly what they would get, while the dairy farmers were in the same plight as in New Zealand. Looking to the future, he said, New Zealand had reached the point of the taxable limit of the people and was .experiencing the law of the diminishing return. Economic pressure demanded more assistance from the. State. Alajor Douglas had provided the key to the problem, and they were now on the threshold of a new era. The path to that now state might bo strewn with brickbats and broken bottles, or, might be made smooth according to the manner in which the job was done. If it were well done they would go through the door comfortably and easily, but whatever happened they would go through just the same, but the door would be blood spangled. Singing and cheering punctuated the speeches.