THE PUBLIC CREDIT
Sir, —Obviously what " K.X.D." means by the public credit is the r©. sources and reputation a community may possess that make it possible to borrow from other communities. How we apply the word is of little consequence, so long as things that are different are not confounded. The cardinal error lies in assuming, as is constantly being assumed and plainly asserted, that our reputation could be used as a substitute for external loans. A man may use his reputation as a means of obtaining goods without immediate payment, but to say that he could use his reputation as a substitute for such goods is simply nonsense. Similarly we may, as a community, use our standing with others as a means of obtaining goods from abroad without immediate payment, but our standing with others is of itself impotent as a source of wealth. Once abandon borrowing from abroad and we depend absolutely on the work we do. J Johnstone. Manurcwa.
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Bibliographic details
New Zealand Herald, Volume LXXIII, Issue 22469, 13 July 1936, Page 12
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162THE PUBLIC CREDIT New Zealand Herald, Volume LXXIII, Issue 22469, 13 July 1936, Page 12
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