PURCHASING POWER.

Southland Times, Issue 25309, 12 June 1935, Page 11

PURCHASING POWER.

To the Editor.

Sir, —I read with interest your leader in Saturday’s Times and also your footnote to “Dizzy’s” letter in Tuesday’s issue of your paper. While you are quite correct in saying that many modem economists deny Major Douglas’s statement that there is enough purchasing power in existence to buy all the goods and services available, it would be only fair to place before your readers the opinions expressed by no less an authority than the Association of the British Chambers of Commerce. This is the resolution they passed:— “This association views with grave concern a defect of fundamental importance in the monetary system, whereby the purchasing power of the community is rendered increasingly insufficient to buy the whole product of industry, the effect being reflected in the present disastrous world situation. and accordingly request the Executive Council to take the necessary steps to set up a special committee composed of representatives of the association and of other important commercial and industrial organizations, to consider how this defect can be remedied, and to report.” This resolution was passed on April 19, 1934, by an overwhelming majority of I have read, over 280 votes out of 300. If, on the subject of the economics of industry, there is a more authoritative opinion than that of the association of the British Chambers of Commerce, I shall be glad to know of it.— I am, etc. FAIRPLAY.