Professor Has Scheme For Stabilising Money

Horowhenua Chronicle, 18 February 1931, Page 7

Professor Has Scheme For Stabilising Money

FARMERS IMPRESSED. NELSON, Last Night. A resolution urging that the Government should make an investigation of the money stabilisation plan of Professor Irving Fisher as recommended by the New Zealand Board of Trade in its annual report of 1919, was adopted by the Nelson provincial executive Farmers ’ Union, following an address by Mr. A. N. Field, of Okiwi Bay, Croixelles. Mr, Field quoted from the Board of Trade’s report showing how in an inflationary period in 1919 all sorts of remedies were put forward, but no attention was paid to the money end, which was the real scat of the trouble. The board had urged that Professor Fisher’s plan for stabilising numov should be thoroughly gone into. need was just as great to-day, and Mr. Field read a passage from a letter ne had received from Prof. Fisher in which he expression the opinion that it would be quite feasible for New Zealand to put his stabilisation scheme into operation without .reference to other countries, but that it would be better to get the whole Empire in at once. Undoubtedly it would be bettor, said Mr. Field, but the best way to got the rest in was to have a try-out hen'. From a prominent director of the Bank of England, Mr. Field had also received a letter in which it was stated that while London was against doing anything but fumble about looking for gold to recover some inherent stability, there was a possibility that objections might be waived in face of the emergency, to our trying out the Fisher plan. If ever there was an emergency, said Mr. Field, we surely had it with the Hawke’s Bay disaster on top of the slump,. The executive decided unanimously to support the request for the examination of Professor Fisher’s plan and also to request the national economic committee about to sit in Wellington, to hear Mr. Field.