DOUGLAS CREDIT

Southland Times, Issue 22487, 23 January 1935, Page 8

DOUGLAS CREDIT

CONVENTION OPENS ADDRESS BY MR H. M. RUSHWORTH, M.P. OUTSTANDING EVENTS ' (Per United Press Association.) Tauranga, January 22. The formal opening of the Douglas Social Credit Convention at Mt Maunganui took place this morning in the Arcadia Hall. Mr A. F. Tunks, the Mayor of Tauranga, and Mr F. Bennett, the chairman of the Mt Maunganui Town Board, welcomed the delegates. Mr H. M. Rushworth, M.P., in a lengthy speech, said there had been three outstanding events during the past year. First, the setting-up of the Monetary Committee, of which he had been a member, a very valuable but extremely boring experience... Second, the passing of-the Reserve: Bank Act and the setting up of the . Reserve Bank, which should be called the Bank of England and, more truthfully, not a bank at all, but a mortgagee in possession. He then dealt with the experiences gained in Australia and the growth of the movement there. He stated that the sugar growers of Queensland had not felt the depression, because they had a guaranteed price for their ■ product and knew exactly what they would get, while the dairy farmers were in the same plight as in New Zealand. Looking to the future, Maio. Douglas had provided a key to the problem and they were now on the threshold of a new era. The path to that ■ new state might be strewn with brickbats and broken bottles, or might be made smooth, according to the manner in which the job was done. If it were well done they would gothrough the door comfortably and easily, but whatever happened they would go through just the same, but the door would be blood-spangled. Singing and cheering punctuated the speeches.