A NON-BORROWING POLICY
Sir—Your footnote is correct if credit creation, Mr Savage's policy in 1935, can be called non-borrowing. There is all the difference in the world, though, between the proposal of Ballance and Secldon in 1890 and that of Mr Savage in 1935 Ballance and Seddon proposed to do without a thing if they had not the money in hand to pay for it. Mr Savage proposed to have the thing now and pay for it afterwards, or without even paying for it afterwards—l am not clear which—but in any case to have the thing without paying for it now.—l am, etc., October 21. Polonius.
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Otago Daily Times, Issue 25674, 24 October 1944, Page 7
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106A NON-BORROWING POLICY Otago Daily Times, Issue 25674, 24 October 1944, Page 7
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