Untitled

Hokitika Guardian, 6 May 1936, Page 4

The credit is to be built up pn goods' a,nd services but if the goods n are not saleable; remuneratively, or the services productive of adequate val.ue, the credit is a diminishing quantity. It is in Lsueh a crisis that the effect will be felt seriously by those led into the financial maze. Tbe Government' monetary policy in its various aspects can well be likened to a bewildering labyrinth, from which escape .is uncertain. There will certainly be a long way to go, and the greater the distance on a wrong clue the deeper will the maze be penetrated without hope of escape. Probably Now- Zealand will not be singular in that experience, All round the world nations are attempting new orders or new deals to reach a comfortable goal. There is no outward success noticeable attending such efforts. National debts are being piled -up, as fresh variations are being tried under economic national schemes, But there is evidence of success in Great Britain where the older political me»- . Oils of economy still prevail. New Zealand followed that lead till recently, and the national funds WPUIId up with a credit balance. Still, the peo = pie worn hot satisfied. The old love has taken its plflfT, The challenging of the monetary system of the past, is not any guarantee that film manipulation will succeed, As remarked there is not ftny evidence of success apparent elsewhere. But there is grave danger in parting with the control of credit which can be abused so easily by irresponsible direction. The former system Is considered still sound in Great Britain where millions on millions are handled effectively each year. Accepted principles whidhi have stood tbe test of time in a country ages old, are now not considered good enough for the young country, Another young country—the United States —has bad its printing presses busy producing State notes, but Still what is called a new deal has not produced prosperity, and tbe country will be torn asunder this year on tne financial issue, New Zealand has elected to depart on a new route, a decision reached somewhat deliberately and now has to experience the effect of its action.