NEW MONETARY SYSTEM

Hawera Star, Volume LI, 21 May 1932, Page 9

NEW MONETARY SYSTEM

APPEAL FOR NEW ZEALAND. COUNTRY PARTY MEMBER. (By Telegraph—Press Association.) AUCKLAND, May 21. A large audience in the Town Hall listened to an address by Mr. H. MRushworth, M.P., for the Bay of Islands, in which he urged the framing and adoption of a new monetary system in New Zealand. , Mr. Rushworth declared that the existing policy of deflation was piacically impossible to carry out, and n pursued to a logical conclusion it would destroy the sanctity ol contracts. An alternative was to fit the monetary system to national requirements. ‘This had been done in Sweden by putting the system upon a price index basis. . , The ideal monetary system, he said, would be an international one and. failing that, an Imperial system, in each case the question arose of who was to control it. He hoped the New Zealand delegates to the Ottawa conference would not return with a recommendation that the New Zealand monetary system should be submitted to control by any outside independent authority. . The meeting enthusiastically approved of a resolution moved by Sir George Richardson, urging the setting; up of a tribunal presided over bv a Supreme Court judge to hold a full, open, and immediate inquiry into the operation of the New Zealand monetary system and possible alternatives to it.