DEPRESSION REMEDIES

Stratford Evening Post, Volume II, Issue 219, 12 April 1933, Page 7

DEPRESSION REMEDIES

CONFERENCE AT AUCKLAND Press Association. —Copyright. . A special conference at Auckland convened from various sections of the community, embracing importers, manufacturers, retailers, farmers, professionals, tlie unemployed and some members of Parliament, examined 40 “depression remedies” and retained five as fundamentals on which the building of a combined policy beneficial to all classes might hopefully be attempted. It was unanimously agreed that the injection of largely-increased purchasing power into the community was essential to any effective remedy. The five fundamentals retained were: (1) Douglas national dividend; (2) Douglas producer credit; (3) Dr. C. J. Findlay's (Auckland) proposed National Central State Bank to assume all lending functions at interest varied to stabilise prices; (4) Mr. A. N. Field’s (Nelson) State Currency Board to issue currency through the banks at interest varied to stabilise the demand; (5) Mr. Arthur Sainsbury’s (Auckland) direct State loans (including converting existing, mortgages) free of interest, the borrowers merely repaying the principal by small instalments varied by the statistician according to the prosperity of the time. It was believed cither proposal would stop unemployment and the special taxes. The conferences will continue with further examination of the five fundamentals in search of a sound basis for a policy beneficial to ail classes. The Rev. A, J. Greenwood presided at the meeting.