CURRENCY REFORM.

Manawatu Standard, Volume LV, Issue 195, 17 July 1935, Page 7

CURRENCY REFORM.

FARMERS’ UNION DISCUSSION. Per Press Association. WELLINGTON, July 16. All this afternoon and evening were occupied by the annual conference of the New Zealand Farmers’ Union in a discussion on monetary reform which, was inaugurated by a lengthy remit from Auckland dealing with this subject. The remit was, taken in sections and the first clause (.urging the establishment of national'■authority to control currency and credit was supported by 40 votes to 29, but the second and third clauses, which were taken together and which aimed at the creation of new credits to enable purchasing power to be balanced with production, were rejected by 41 votes to 21. An adverse vote on these clauses automatically disposed of the further section of the remit which outlined how these proposed new credits should operate . The clauses voted on were: —(1) That a national authority be set up to control our currency and credit; (2) that such national authority should prepare a national account of our production and purchasing power, taking into account among other things New Zealand’s sterling balances; (3) that'new credits should lie created by the national authority to enable our purchasing power to be balanced with our production and to restore the price level obtaining when most of our mortgage debts and local body debts were incurred.