The Grey River Argus TUESDAY, February 24, 1942. BASIS FOR BETTER ORDER.

Grey River Argus, 24 February 1942, Page 4

The Grey River Argus TUESDAY, February 24, 1942. BASIS FOR BETTER ORDER.

An object lesson in the ability of a state to regulate the use of money and credit, albeit for war purposes, has been given 'by the Australian Government. It has not only fixed, a profit limit, but almost banned entirely speculation in stocks for the present. From this a permanent restriction could not be expected, but it may point to one post-war line of economic reconstruction. It is generally agreed, that, be the war situation ever so. critical, post war plans cannot wait until victory is achieved. One reason. is that the pre-war enormities which credit controllers defended in the name of economics, are now recognised by themselves as faults which must not be perpetuated. Freer play for enterprise, social, security, and an improved living- standard are proclaimed peace objectives, but the brokers’ outcry in Australia has shown the danger that special interests and pressure groups are ready now and will be after the war to seek selfish preferences for themselves and discdiniination against others. This applies to international as well as national interests. There is indeed criticism of tariff's, selfish national policy, and destructive trade warfare: but the capitalistic critics along these lines ignore causes and fasten only upon results of economic action. Stability of prices, sufficiency for everybody, freer exchange of foods, release from debt burdens, and scope for enterprise instead of monopolistic restriction, are conceded in theory to be -world needs. Yet when it comes to the fundamental issue, the obvious solution, the elimination of that which stands in the way of the freedom and legitimate satisfaction of ordinary men, a clear statement is lacking- in influential quarters. The first requisite is the use and control of money and credit so as to prevent all of the evil results about which there, is so much complaint. Post war reconstruction must, to succeed, have as a primary principle the confining of money, in the widest sense of the term, to its original use. namely,

as a convenient means of. transacting exchanges of goods and services. The counterpart of that principle is that credit, or the granting of means to acquire goods and services, with a promise to repay, shall, if given on. a national scale, be solely under government control. Private advances should be strictly subject to. the law. In short there "must be no usury, which is repayment on advances which are either non-productive or inadequately so to afford interest on an advance. The only obstacle that would prevent these principles operating is simply the power wrongly exercised by the present irresponsible controllers of finance. This poxver, in the last analysis, is in the hands of a cosmopolitan group, whose ramifications are world wide, and whose power is maintained by the subservience of nations and individuals to its dictates. New Zealand has taken a step towards ending this dictatorship, and Australia may now follow. The people of every country could assist in dethroning the anonymous financial dictatorship of cosmopolitan credit controllers by making their governments and themselves responsible' for the equitable use. of money. International trade would not suffer, but in order to. integrate it in the reconstruction, there are two requisites. The interests of the nation must in peace time, as in war time, be considered before those of profit seeking traders; and the great combines engaged in manufacturing and distribution must be under control and prevented from . using poxvers xvhich properly belong to the State only.