STATE HOUSING

New Zealand Herald, Volume LXXVII, Issue 23791, 19 October 1940, Page 14

STATE HOUSING

Sir.—That a proposal to finance the building of the Mussel Shoals dam —as cited by "G.W." —was mooted, f do not doubt, but it. was not Henry Ford's proposal. Mr. ford's proposal was as sot out in my letter of the 9th inst. —

! that the dam bo built by a Government | issue of -.0011.000 '-'O-dollar bills, ini stead of by .'lO-year I per cent bonds. To put the matter beyond doubt. Mr. Ford says: "This [dan will prove so successful that the American people will never again consent to the issuance of an interest-bearing bond for a national improvement." Is it asking too much of "G.W." to look again for that ! analogy to the State housing scheme? | Mr. A'aile says a Government issue of i money is "undesirable stuff" and "per- ! fectlv valueless." Mr. Ford is willing to j accept this "valueless stuff" in payment i for the construction of the dam. Aeeord- ! ing to Mr. A'aile. Mr. Ford is a tvro. j The point could be argued. The main outcome, however, would be a completed dam. And. as the dam j would have an earning capacity. Mr. j A'aile is faced with the difficulty of ox- • plaining how it could bo rated as "per- | fectlv valueless." Moreover, it will be seen that the total earning capacity of ! Mr. Ford's darn would not be hampered i liv the cost of getting itself out of j pawn -a cost that would more than j double Iho initial cost of t lie underI taking. L .Air. A'aile trying to tell us ! that the earnings of this "porlectly I valueless" plant would nlso be perfectly j valiioloss ' .1.( .