TASMANIA MONETARY REPORT

Horowhenua Chronicle, 27 November 1935, Page 6

TASMANIA MONETARY REPORT

Advices just ta hand are to the effect that the Select Committee of the House iof Asfeemjbly (presented their report to Parliament on October 29th. The report was a unanmimous one, and the House authorised that it be printed. A brief summary states:—

“On the evidence placed before it, the committee find that the people are being prevented fro'm possessing, consuming, and/or utilising and enjoying the increase of wealth, and/or the actual or potential increase of production during the past 30 years; that the cause of this is the shortage of purchasing power in tiie hands of the community as a whole; and that this can be effectively remedied only by: (1) Restoration to the Sovereign community of effective control of money in all its forms; and

(2) The establishment fiy the Commonwealth Parliament of machinery which would secure regular equation between the conmnimty’s production and the community’s purchasing power.”

The Committee considers that the chief factor in judging the success or failure of any financial system should be -whether it is, or is not, assisting industry to function at its maximum rate, and at the same time distributing maximum wealth, combined with the highest standard of living among the people generally. Any mo-notary system failing in these must be automatically on the defensive.