DOUGLAS SOCIAL CREDIT

Taranaki Daily News, 27 May 1933, Page 10

DOUGLAS SOCIAL CREDIT

DISCUSSION OF PROPOSALS. ADDRESS GIVEN AT HAWERA. Some aspects of Douglas social credit proposals were discussed by Mr. A. Bullock, Wanganui,. in a public address at Hawera on Thursday. The Mayor, Mr. J. E. Campbell, presided over a good attendance. ?ffr. Bullock emphasised that the proposals were not to be confused with various monetary schemes evolved during the depression. Major Douglas had evolved them in 1320 and 1921 during a period of unprecedented prosperity, when he foretold the present collapse. He proved conclusively at that time in no industry was sufficient purchasing power distributed to buy all the products of that industry—a fundamental defect in the present system. Dealing with the creation of credit the speaker said that every time a bank increased an overdraft or bought a security it increased credit. When it called up an overdraft or sold a security it decreased credit. All credit or money came into existence as a' debt to the banks or in acquisition by the banks of assets. This should not be so as Major Douglas said banks should lend only that which they actually had. An instance of the issue of social credit by a nation was mentioned in a recent message from Canada. The Government there had decided to erect a building at Ottawa, financing it by the issue of £1,400,000 on its own, credit. That was inflation, however, as the issue was not being properly controlled. The war finance was done in a somewhat similar way. The first £1,000,000 of Bradburys were, issued by the British Government and then the banks saw a way to make a profit and took over the issue. Had the first procedure been adhered to the war would have been paid for at the finish of the war.

Since it was contended that purchasing needed to be increased Major Dougla/ advanced two ways of doing it—“the just price and the national dividend.” Briefly the just price was determined by the purchasing power of the people, industry being reimbursed for the additional cost of production by a State issue. The national dividend would at first be issued as pensions, superannuation, etc. Mr. L. A. Taylor asked whether the proposals would involve a new banking system with 3 State bank. Mr. Bullock said the present banking system would be used for the distribution of credit issued by the Government. The Government issue would be regulated by an independent board working on statistical information. WATMATE WEST FARM. REPORT ON MONTH’S ACTIVITIES. •; At the monthly meeting of the committee in control of the Waimate West demonstration farm area on Wednesday the chairman, Mr. J. M. Smith, reporting on the work of the month, stated that the pastures were looking very fresh, but many of the paddocks were fairly bare, grass grub being present in. one or two of them. The plots, in. No. 12 were top-dressed according to schedule, the paddock being harrowed prior to the ■ dressing. The young grass was looking particularly well. The four acres of lucerne ploughed was sown with oats, which had come through well. The young lucerne had been lightly cultivated and harrowed. Thirty-two cows had been milked twice. daily until May 21, when 28 had been nut on to once a day. The milk that day was 3001 b. with a 5.4 test. The fast for March had been 14821 b: and for April 11451 b. compared with 12761 b. and 6311 b. for the corresponding months last year. The total fat to the end of April was 15,8451 b., compared with 15,7391 b. last year. PERSONAL ITEMS Mr. P. Sexton is the guest of Messrs. Scanlon Bros., Tauporohenui, recuperat- ' ing after an operation. He will later take up his re..’ ’ mce in the Waikato. Mr; Edward Parsons, a well-known settler of Waitotara, died suddenly at his home on Thursday. He was known up and down the coast as a leading farmer, interested in many activities concerning the farming industry and was held ih high esteem by a wide number of friends. Mr. who was 54 years of age, had lived all his life at Waitotara. He was a deputy-master of the Egmont-Wanganui Hunt Club, and, with his son, had been a regular attendant at the meets of the club for many years. Last week he was present at the meet at Tawhiti and took his usual active part in the hunt. He was 'also interested in golf and had been a.member of the Waverley club for many years. Owing to his death the committee of that club has postponed the proposed visit of a team to Hawera to-day. Mrs. W. D. Hainsworth entertained friends this week in honour of Mrs. E. W. Hainsworth, who has returned to Wanganui. Amongst those present were Mesdames Dixon, Egglestone, Tarrant, Barley and SnowsilL z OPUNAKE NEW THEATRE. “SKY DEVILS” SHOWING. "Sky Devils,” the first outstanding air picture to come out of Hollywood since “Hell’s Angels,” will be shown at the New Theatre at Opunake to-night and Monday. The new air thriller has all ; the spectacular quality of “Hell’s An- : gels” and is a laugh feast as well. Fiftyfive fighting ’planes were used in the 1 making of “Sky Devils,” and all of them • are shown in action simultaneously on < the screen. As in “Hell’s Angels,” the < flying scenes are authentic in every detail, and no faked or processed shots 1 went into the production. “Sky Devils” ; is based on an exciting and humorous < tale of three flying Yankees overseas. The parts are played by Spencer Tracy, William Boyd and George Cooper. The , picture, which was directed by Edward Sutherland, has been acclaimed by advance reviewers the comedy sensation of 1 the year and has enjoyed record runs.