CURRENCY AND THE STATE

Taranaki Daily News, 4 May 1933, Page 7

CURRENCY AND THE STATE

QUESTION OF CONTROL. CHAMBERS’ NOT IN FAVOUR. Had the question of currency been considered by the executive of the Associated Chambers of Commerce? asked Mr. J. H. H. Holm at the meeting of the Taranaki Chamber of Commerce last night. . Generally speaking, he was against Government control except in such a department as the Post and Telegraph, which gave a service used by everybody. But money was another thing used by everybody, and he thought that sooner or later the State must take control of it.

Mr. Holm pointed but that at one time slavery was approved, yet to-day no one approved of it. It was just as possible that views might change on the question of currency. If they could return the spending power to the people things would improve, and how it was to be done was a Question chambers of commerce might take up. He suggested that in years to come the system of currency would be so altered that the present system would look antiquated. Mr. A. O. Heany, .organising secretary to the Associated Chambers of Commerce, said his organisation had before the Ottawa Conference passed a resolution that it was in favour of a move to establish a new monetary policy for the whole Empire, actuated from London, but not a policy for local use only. There was a committee investigating the question of central banking, with particular reference to the Bill of that name. If it were a question of State control of currency he thought chambers of commerce would be the first to oppose it. They did not want State control of currency; if there were to be a new currency they did not want it controlled by Parliament. -z