DOUGLAS CREDIT

Hokitika Guardian, 23 January 1935, Page 5

DOUGLAS CREDIT

CONVENTION AT TAURANGA

(Per Press Association. —Copyright.)

TAURANGA, January 22

The formal opening of the Douglas v. redit Convention at Mount Maunganua took place this morning.

Captain Rush worth, in a lengthy speech, said that there had been three outstanding events during the past year. First there was the setting up of the Monetary Committee, of which he had been a member. It was a very valuable, but an extremely boring, experience. The second was , the passing ol the Reserve Bank Act, which should be called ‘'the Bank of England,” and, more truthfully, not a bank at all, but “the moitgagee-in-possession.”

He then dealt with the experience gained in Australia, and the growth of this movement there. He pointed out that the sugar growers of Queensland have not felt depression, because they have had a guaranteed price for their product, and they knew exactly what they would get, while the dairy farmers were in the same plight as those in New Zealand. Looking to the future, Major Douglas had provided the key to the problem, and we were now on the threshhold of a new era. The path to that new state might be strewn with brickbats and broken bottles, or it might be made smooth, according to the manner in which the job was done. If it were well done, it would go through the door comfortably, and easily; but, whatever happened, it would go through iust the same, but the door would be bloodspangled.