CURRENCY CONTROL

Manawatu Standard, Volume LV, Issue 90, 14 March 1935, Page 4

CURRENCY CONTROL

VERSUS INTEREST REDUCTION. “To mv mind the rate of interest is the keynote of the whole business, and until we get a lower rate I cannot see that we will get out of this mess, stated .Mr J. H. Mason, president ot the Feilding’ branch of the Farmers Union, at a public meeting in Feilding, on Tuesday on the occasion of. an address given by Mr H. O. Mellsop, of Auckland. , , Every activity in the country, the speaker went on, every loan, every mortgage, in fact, the whole of the commercial activity of the Dominion was bound up in the interest rate and, until it was reduced, lie could not see that anything would assist the farmer or the country. Replying. Mr Mellsop said there was not as much help to he obtained from a reduction in interest as in obtaining currency control. . With currency control. we could easily nav all the interest that had accumulated in the Pfist | in the same way as we paid all overI seas loans—with goods. Give the country the purchasing power, allow the farmers to improve their farms and distribute their goods, and the interest bill could bo paid without any trouhle at all. The answer of course might be made, Mr Malison went on. that Britain might not take our goods, but the answer to that again was that with our increased purchasing power we could take an increased amount of British goods and so bring about a greater sale of New Zealand produce to England.