DOUGLAS SOCIAL CREDIT

Taranaki Daily News, 21 October 1933, Page 5 (Supplement)

DOUGLAS SOCIAL CREDIT

LABOUR PARTY REFERENCE. POINTS OF AGREEMENT. Wellington, Oct. 12. Reference to the Douglas social credit movement was made by the Leader of the Opposition, Mr. M. J. Savage, when speaking in the debate on the World Economic Conference in the House of Representatives this afternoon. “I wonder how many members there are on the Government benches who can give us a rough idea of what the Douglas credit system really is?” said Mr. Savage, in reply to the Prime Minister, Mr. Forbes. A Government Member: How many in the Labour Party could' do so? Mr. R. Semple (Lab., Wellington East): We understand it. Mr. Savage: We are going to say we understand -it. If we set out to • condemn

it, we would at least have a reason. It is not sufficient to laugh and say the America years ago and no one took it seriously. Mr. H. Atmore (Ind., Nelson): They Douglas credit plan passed through are taking it seriously in the Auckland province. Mr. Savage: Yes, and in many other parts of New Zealand. The Rt. Hon. J. G. Coates, Minister of Finance: Does the Labour Party support it? Mr. Savage: I am not discussing the Douglas credit system. I am discussing the policy of the Government and the shallow criticism of some of its representatives The Douglas credit people want to control the credit and currency of this country. Mr. W. E. Parry (Lab., Auckland Central): So do we. Mr. Savage: They say it belongs to the people. They say the people should benefit to the full extent to which they produce. We say that too. Now, I wonder, if the Government understands that,

could we agree on fundamentals? Could we agree that the present banking system has failed and that the International Conference failed to face up to the isThe scheme of the labour Party, he continued, was quite simple. a ° our held that the banking system of New Zealand should be controlled here not abroad. Moreover, it contended that there was a grave danger that it was going to be controlled from abroad. He was not arguing that control of the banking system was necessarily bad..He was arguing that any banking system controlled by private interests was necessarily bad. , “We say,” said Mr. Savage, that the credit of New Zealand should be available to the people of New Zealand so that they will be able to buy back the things they produce. Any differences that can be found, and any degree of satisfaction Government members can find in putting the Labour Party up against the Douglas credit people, they are welcome to.”