CURRENCY CREDIT

Poverty Bay Herald, Volume LXII, Issue 18760, 17 July 1935, Page 7

CURRENCY CREDIT

PROPOSED REFORMS FARMERS' UNION DISCUSSION (Par Press Association.) WELLINGTON", last night. All this afternoon and evening were occupied by the annual conference of the New Zealand Farmers' Union in a discussion on monetary reform, which was inaugurated by a lengthy remit from Auckland dealing with this subject.

The remit was taken in sections and the first clause, -urging the establishment of a national authority to control currency and credit, was supported by 40 votes to 29, but the second and third clauses, which were taken together, and which airuetl at the creation of ne*v credits to enable purchasing power to be balanced with production, were rejected by 41 votes to 21.

'Phe adverse vote on those clauses automatically disposed of a further section of the remit which outlined how these proposed new credits should operate.

The clauses voted on wero:—(1) iTfoal a national authority be set up io control our currency and prod it; (2) that such national authority should prepare a national account of our production and purchasing power, taking into account, among other things. New Zealand's sterling balances; (3) that new credits should lie. created by a national authority to enable our purchasing power to be balanced with .our production, and to restore the price level obtaining when most of our mortgage debts ami local body debts were incurred.