SOCIAL CREDIT

New Zealand Herald, Volume LXXII, Issue 22200, 29 August 1935, Page 11

SOCIAL CREDIT

ALBERTA EXPERIMENT RUSH ON SAVINGS BANK (Received August 28, 5.5 p.m.) EDMONTON. A ig. 27 The Reid Government has suspended payments on the Alberta Government Bank's savings certificates following a rush by depositors to withdraw their savings in fear of the coming inauguration of the Social Credit Government. The certificates are payable on demand and their outstanding total is 10,000,000 dollars. PROMISE OF BONUS GRADUAL DEVELOPMENT MAJOR DOUGLAS' VIEWS LONDON, Aug. 27 The originator of the credit scheme. Major C. H. Douglas, in an interview to-day, said he was confident it would be implemented in Alberta. He insisted that Mr. Aberhart's promise of 25 dollars a month to every adult citizen was practicable, though no doubt the scheme would have to be developed by stages. " I do not fear the banks," said Major Douglas. " They are made into bogeys. If there is any difficulty about their co-operation it may have to be enforced. If I visit Alberta again it will be in the capacity of reconstruction adviser."'

Major Douglas admitted that a local, as distinct from a universal, adoption of his ideas did not provide ideal conditions for their suocess, but insisted that there was a steady world-wide movement in favour of his proposals. Alberta stocks in London were marked down to-day 4 to 5\ points, but sales were possible only by negotiation.