OUR ECONOMIC DILEMMA

New Zealand Times, Volume XLIX, Issue 11251, 1 July 1922, Page 10

OUR ECONOMIC DILEMMA

Now Zealand is in most urgent need of sufficient money to meet pressing demands for advances to settlers: for workers homes, for public and local body works and for private industrial and commercial enterprises, wnich are absolutely paralysed through inability to finance. Our existing sources of supply cannot find much of the money required, at any price; nor any part of it at reasonably eeonomio rates.

This dilemma can therefore only be ended by opening up a fresh source of supply, and Parliament will absolutely fail to prove its fitness to control tho economic life of this Dominion if it does hot immediately take steps to remove the financial depression that now palls our industrial life. A simple method of national co-operative banking is all that is required to end the prevailing depression, and which will continue until Parliament enacts: That a national co-operative bank bo established, tho proprietary to consist of the Government, the holders of fixed deposits and the holders of current accounts in such bank. Tho directors to consist of nine members elected in equal numbers by each of the above three proprietary interests The profits, after paiinent of Govomment tax on notes issued and interests upon fixed deposits, to be annually distributed W wav of dividend upon the daily average credit of each current ncomnt. National legal tender notes to be issued, for use. only, within New Zeolai: 1, on the security of firstclass land, mercantile and industrial assets. International credits to be established on tfie security of merchantable goods exported for sale in any part of tho world. The maximum rate of interest to he 5 per cent, for advances made by this bank. (Published by arrangement.)