“DISTRESSINGLY DULL PUBLICATIONS”

Otago Daily Times, Issue 22100, 2 November 1933, Page 15

“DISTRESSINGLY DULL PUBLICATIONS”

ro THE EDITOR Sir, —Without the slightest intention or desire to enter into a newspaper correspondence with a writer in Saturday’s paper with the nom de plume of “ Critic,” I thought it might interest him to be told that in the issue of the New Era of October 12—a paper similar to the New Age which he describes as being a “ distressingly dull publication ” —a resolution passed at the fourteenth annual meeting of the Bank Officers’ Guild in London is reported: That this annual general meeting of the Bank Officers Guild desires to direct the attention of the directors of British banks to the increasing body of opinion that the present system of currency and credit control Is unsulted to modern requirements. It considers unless drastic scientific reorganisation of that system is undertaken voluntarily by the banks, such a course is likely to be forced upon them by public opinion and economic pressure. It is generally accepted that modern production, with the existing abundance of natural products, if properly organised Is capable of giving to our people a high standard of comfort, and the opinion is widespread that the present system of money and credit control is an obstacle in the way of a better distribution of

commodities. The London Chamber of Commerce, at the end of 1932, issued a comprehensive memorandum on the economic crisis, which definitely affirmed the following principles:—(l) That money should be a distributive mechanism; (2) that gold is an obsolete and totally inadequate basis for currency; (3) that money should be a reflection of goods and services. The people composing these two bodies should, it must be admitted, be blessed with-at least average intelligence, and, as they are both situated in the central position of affairs, must have a fair knowledge of the economic condition. The system ot Douglas social credit does not appear in either of their statements, but it is obvious to anyone who understands social credit that they have, with Major Douglas, put their finger on the source of all our trouble. —I am, etc. A Douglasite. Dunedin, October 28.