MONETARY SYSTEM

Feilding Star, Volume 10, Issue 4002, 20 April 1933, Page 6

MONETARY SYSTEM

FARMERS ADVOCATE INQUIRY REQUEST TO GOVERNMENT P«» Prpsw A SKOf uition Wellington, April It) Tin* Dominion executive of tin New Zealand Farmers’ Union tonight. at the instance of the Taranaki branch, decided to ask Parliament to set up a committee to make a full inquiry into the present monetary system. Mr. W. W. Mulholland (Canterbury) said that it, was not tin* sys teiil but loss of conlidence by the public which gto the world into it present difficulties- If the monetary system ha 1 got the worl I into a mess it could be put right againThe president. Mr. W- J. Poison said tin* United States had been inflating just as Britain bad been in Hating. It was the fall in price which had created the crisis in Amc rica- No system of inflation qlom coul l do -very much. He was in

hoj vex that the World Conference would result in breaking down tarif barriers and wiping out most of the war debts. Britain had stabilised her currency to a remarkable extent and had maintained sterling on a very definite basis. The foreigi trader know to-day that he couh trade with Britain with the greates' confidence. New Zealand coul 1 not hope to achieve such results as i great country like Britain, blit. sli< could work along similar linesMr. li. O. Melsopp (Auckland) said lie was convinced that a monetary system could be put into operation which would get New Zealand out of her difficulties within six months. Mr- .1 • I). Hall: And balance our budget Captain F- Col beck (Auckland) advocated a system of costless credit, which would guarantee exporters a minimum price. Mr. R- IT. Feist (Cambridge) said that public opinion would yet force tin* Government to review the I) resent monetary 'system.