CURRENCY REFORM URGED

New Zealand Herald, Volume LXIX, Issue 21253, 5 August 1932, Page 12

CURRENCY REFORM URGED

MR. RUSHWORTH'S VIEWS SUPPORT AT PAPAROA [by telegraph—OWN correspondent] PAPAROA, Thursday An address on currency reform was given by Mr. 11. M. Ilushworth, M."P., at a large meeting yesterday. Mr. Davidson, a member of the Otama.tea County Council, presided. Mr. Rushworth referred to the deplorable world conditions, and said the facts were that while nearly all commodities were being produced in abundanco, millions of people were starving or on the verge of poverty, and unemployment had reached alarming dimensions. New Zealand was suffering from the world depression, resulting from stagnation in industry and commerce and professional occupations. A grave feature was that for youths leaving school there was no employment. Mr. Rushworth said the cause of the trouble was the existing monetary system, and a remedy must be applied urgently. New Zealand, with other countries, was nearing a crisis, and a comparatively few months might bring tho disaster to a climax. A resolution was passed urging on the Government the need of an immediate impartial inquiry into the New Zealand monetary system and possible alternatives with a view to reflation to a point to meet the requirements of trade and industry and to enable New Zealand to meet its overseas obligations.