REAL DEMOCRACY CANDIDATE

Southland Times, Issue 25502, 24 October 1944, Page 4

REAL DEMOCRACY CANDIDATE

ADDRESS AT LIMEHILLS Politicians and candidates talked glibly about millions of pounds during election time, but did they realize just what a million really meant, asked Mr R. J. Henderson, the Real Democracy candidate in the Awarua by-election, at Limehills last night. Mr Henderson said that if Adam had been paid £1 a week for looking after the Garden of Eden right up to the present time, 1944, he would have received half a million. But if he had invested one of those pounds at the beginning he would now have owned the world, Saturn, Venus and Mars and the entire Milky Way. So great was the power of interest that a loan at 5 per cent, doubled itself every 15 years. This in itself explained why after more than 100 years of industrial progress New Zealand was in debt to the extent of £600,000,000; practically £6,00(1,000 for every year. “What other result can we expect under the debt system when every time we build a national asset we also build - a financial liability,” said Mr Henderson. “The late Rt. Hon. Reginald McKenna stated: ‘They who control the credit of a nation direct the policy of its Government, and hold in the hollow of their hands the destiny of its people.’ The Daily Telegraph of June 19, 1939, stated: ‘The City’s (London bankers) answer to Mr Nash, New Zealand’s treasurer, has been a definite refusal' to' enter into negotiations until New Zealand abandons or modifies her social reform legislation*- and accepts control of the banks in her financial dealings’.” The only hope for the people of New Zealand was to discard the debt system and institute the credit system, Mr Henderson said. Then at all times the collective cash credits of New Zealand would be collectively equal to the collective cash prices of the consumable goods for sale within New Zealand. That was the only way of avoiding deflation or inflation. LABOUR CANDIDATE’S MEETINGS Mr Leo S. O’Sullivan, the Laboui candidate, addressed a well-attendee meeting at Grove Bush last night. Mi C. Warden was chairman. A unanimous vote of thanks and confidence was carried on the motion of Mr R. Ross, seconded by Mr J. Hanning. Mr O’Sullivan addressed a large meeting at Rimu. Mr M. Cournane presided. Mr A. Batchelor moved and Mr T. Guthrie seconded a motion oi thanks and confidence, which was carried unanimously.