MONETARY COMMITTEE
DEBT LIQUIDATION SCHEME. [PEB PBESS ASSOCIATION'.] WELLINGTON, April 17. Evidence was given before the Monetary Committee, to-day, by Mr S. G. Holland, of Christchurch, who produced a scheme for the liquidation of the internal national debt, claiming that it could be accomplished without breaking or varying a single existing contract, without affecting New Zealand’s credit abroad, and without any extra currency being put in circulation when the plan is completed. His scheme involves the issue of about £5,000,000 yearly in notes by the Reserve Bank, on behalf of the State. Witness said that one expert whom he had consulted had estimated that
there would be inflation to the extent of about 15 per cent. “COSTLESS CREDIT.” WELLINGTON, April 18. Giving evidence before the Monetary Committee, to-day, B. Beckerleg, of Auckland, proposed that the State should purchase the existing banking system. He advocated the purchase in order to prevent hardship among shareholders. Ownership of the banks by the State would permit the creation of costless credit, which could be used for the alleviation of distress and the welfare of the people as a whole. The scheme would also involve just price regulation and a national dividend.
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Greymouth Evening Star, 18 April 1934, Page 12
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197MONETARY COMMITTEE Greymouth Evening Star, 18 April 1934, Page 12
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