DOUGLAS CREDIT SCHEME

Otago Daily Times, Issue 22504, 23 February 1935, Page 11

DOUGLAS CREDIT SCHEME

TO THE EDITOE Siß, —May I be permitted to suggest that your correspondent “A. W. B.” read the works of Major C. H. Douglas once again? These, like any serious work, have to be read with particular care, if misunderstanding and misquotation are to be avoided. . , , It is not generally recognised that the Budget is not a balance sheet, but merely an estimate of receipts and expenditures. Before it can be of any use in estimating the real position of the country certain other factors, similar in nature to those mentioned in the “ Draft Social Credit Scheme (for Scotland) ’ have to be added. . , In estimating the capital resources of Scotland, Douglas takes the value of these 'factors into consideration, and suggests paying a dividend of 1 per cent, among all of Scottish birth. This is paid in new money by a draft on the Scottish Government credit as so disclosed. If vour correspondent will now compare the “Draft Social Credit Scheme (for Scotland) ” with the statement at the foot of his letter in your Monday’s issue he mav perhaps appreciate the restraint with which this letter is written.—l am. etc., Dunedin, February 21. A. G. M.