COSTLESS CREDIT

New Zealand Herald, Volume LXXVII, Issue 23773, 28 September 1940, Page 15

COSTLESS CREDIT

Sir, —In reading the,letters on State housing one notes with surprise, if not dismay, that we still have a few diehard costless credit ites, gallantly'clinging to their sinking ship. One wonders if many or any of them have read Bernard Shaw's "Guide to Socialism, Capitalism, Sovietism and Fascism,'' obtainable from the Labour book room. Volume J... Page 240, reads as follows:

"Financial debates'in Parliament are full of nonsensical phrases about issuing credit, destroying credit, restricting credit, as if somebody were shovelling credit about with a spade. Instead of being immediately rushed into the nearest lunatic asylum, these ; clever ones find disciples both in Parliament and in the City.

"They propose to extend our industries (that is, build ships and factories and railway engines and houses and the "like")" with credit. They think they know how because thev are "practical business men." But for national purposes they are maniacs with dangerous delusions, and the governments who take their advice soon find themselves on the rocks." I will agree with the poor die-hards that, apart from being delightfully breezy, old B.S. is a bit brutal. Still, if the cap fits, etc. R. C. A. H.vnskx. Otorohanga.