MONETARY REPORT

New Zealand Herald, Volume LXXI, Issue 21911, 21 September 1934, Page 15

MONETARY REPORT

Sir, —I cannot understand why everybody treats the monetary report with such derision. I think it is a very illuminating document, and I congratulate the men who have signed it. For several weeks they have delved deeper into the intricacies of our monetary system than they have ever done before, they have been guided by experts, and they have come to the conclusion that our currency and credit is to be controlled by a national institution in the interests of the people, not for profit. By inference they have assumed that the present Reserve Bank is a national authority. It is unthinkable that, after signing such a document, they should "vote against any proposal tending to make the Reserve Bank responsible to Parliament and to place the direction of it in the hands of men appointed by Parliament. The signatories to the report have definitely accepted monetary reform. I do not doubt they have done so actuated by conscientious motives and true con* victions. I believe that the old hen in the cartoon (Herald, September 17), is wiser than she is made to look. She has realised that in a flood of financial difficulties a duck will swifci where h chicken would drown. It is up to the old hen to mother the duckling she has hatched. Greenhithe. M. Irvine.