WAY TO PROSPERITY

New Zealand Herald, Volume LXXII, Issue 22247, 23 October 1935, Page 14

WAY TO PROSPERITY

COUNCIL OF ACTION SUGGESTIONS PUT FORWARD LONDON, Oct. 21 The flotation of a prosperity loan of £240,000.000 for a two years' development programme is proposed in a pamphlet issued by Mr. Lloyd George's Council of Action. It points out that the interest and amortisation of the loan would absorb £9.000,000 a year, compared with £110,000,000 a year for maintaining the unemployed. The pamphlet also suggests a central planning board to deal with the housing industry, with regional planning commissions, to deal with housing, roads, the reconstruction of docks and the extension of public utilities. Other recommendations include efforts to revive freedom of trade in which the principlo of reciprocity should apply equally to the Empire and to foreigners; the nationalisation of mining royalties, and a central authority for the cotton, iron, shipbuilding and shipping industries. The Bank of England should become a public institution instead of a selfperpotuating oligarchy, says the pamphlet, while private banks should accept a limitation of their profits and a measure of regulation to facilitate cooperation with a national policy in relation to the direction of credit.