Vote of Sympathy

Northland Age, Volume 5, Issue 4, 25 October 1935, Page 6

Vote of Sympathy

Previous to the County Council commencing business at its meeting last Friday a resolution of sympathy with the relatives of the late R. B. Russell was carried. In moving the resolution the chairman said Mr. Russell had been well known throughout the North and very highly respected. Church and the Ethics of Money Discussing the ethics of money, the Diocesan Social Council and Committee for Social Affairs, in a report presented to the Anglican Synod last week condemned the basing of the volume of credit upon the available stocks of gold or “some equally irrelevant consideration.” “A major defect of the operation of a money system based on gold,” it stated, “has been that a due relation between the volume of currency and the volume of trade has been upset, and prices have in consequence fluctuated widely, working great hardships as between creditor and debtor Thus, if a person in New Zealand who borrowed £IOOO from a person in England in 1924 had to meet his debt in 1932, there would, owing to the fall in prices of our staple exports, have to be sent to England to liquidate that indebtedness nearly four times as great a weight of wool as would have been necessary in 1924.”