FIRST VOTER PAMPHLET.

King Country Chronicle, Volume XXIX, Issue 4747, 17 September 1935, Page 4

FIRST VOTER PAMPHLET.

(To the Editor.) Sir,—There are two points in "John Bull's" recent letter in the Chronicle which call for comment. First, his allusion to the possible necessity for withdrawing savings from the savings banks. Has it occurred to your correspondent that if all the depositors in banks in New Zealand tried to withdraw their deposits simultaneously most of them would get badly left? At present deposits in savings banks and other banks exceed one hundred million pounds, but our notes and coins come to about tweve million 'all told. To repeat a question often asked, "Where is the money to come from?" Secondly, to compare the South Sea Bubble with Douglas Social Credit, is merely to expose crass ignorance. The South Sea Bubble is a term somewhat loosely applied to a series of financial operations by unscrupulous speculators who promoted a company in the early 18th century, and were enabled to fleece genuine investors thereby. -Douglas Social Credit is a term applied to a new school of thought in the world of economic theory. One might as well compare a highway robber like Dick Turpin to a new religious leader like Krishnamurti. By the way, your correspondent's several allusions to the "printing press" are also unfortunate. New Zealand has worked on an inconvertible paper currency since August, 1914, most of the world's nations are now off the gold standard, and I have seen a photo of a motor lorry unloading two and a half tons of paper for monetary purposes outside the Reserve Bank when it commenced operations. A squad of detectives were guarding the paper. I wonder did they think it would catch fire?—l am, etc., "WISE BIRD."