A PROSPERITY LOAN

Otago Daily Times, Issue 22709, 23 October 1935, Page 9

A PROSPERITY LOAN

MR LLOYD GEORGE'S IDEA DEVELOPMENT PROGRAMME LONDON, October 21. The flotation of a prosperity loan of £240,000,000 for a two years' development programme is proposed in a pamphlet issued by Mr Lloyd George's Council of Action. It points out that the interest amortisation thereof would absorb £9,000,000 a year, compared with £110,000,000 a year in maintaining the unemployed. The pamphlet suggests a central planning board to deal with housing, industry, and regional planning, with commissions dealing with housing, roads, reconstruction of docks, and extension of public utilities. It also urges that efforts be made to revive freedom of trade, in which the principle of reciprocity would apply equally to the Empire and foreigners, nationalisation of mining royalties, and setting up of a central authority for the cotton, iroi>, shipbuilding, and shipping industries. The Bank of England to become a public institution instead of a self-petpetu-ating oligarchy, while private banks would accept limitation of profits and a measure of regulation, facilitating cooperation with the national policy in relation to direction of credit.