PROSPERITY LOAN

Northern Advocate, 23 October 1935, Page 2

PROSPERITY LOAN

LLOYD GEORGE’S TWO-YEAR PLAN MANY reforms planned. (Received 11 a.m.) LONDON, October 21. The flotation of a prosperity loan of £240,000,000 for a two years’ development programme is proposed m a pamphlet issued by Mr Lloyd George’s Council of Action. It points out that the interest and amortisation of the lean would absorb £9,000,000 a year, compared with £1 10,000,000 a year for maintaining unemployed.. The pamphlet also suggests a central planning board to deal with housing and industry, with regional planning commissions dealing with housing, roads, reconstruction of blocks and extension of public utilities. It urges efforts to revive freedom of trade in which the principle of reciprocity should apply equally to the Empire and foreigners, nationalisation of mining royalties; a central authority for the cotton, iron, shipbuilding and shipping Industries. The Bank of England should become a public institution, instead of a selfperpetuating oligarchy, while private banks should accept limitation of profits and a measure of regulation facilitating co-operation with- the national policy, in relation to the direction of credit.