DOUGLAS SOCIAL CREDIT

Taranaki Daily News, 23 May 1934, Page 10

DOUGLAS SOCIAL CREDIT

MR. H. ATMORE’S ADVOCACY.

ADDRESS GIVEN AT NORMANBY. An address on Douglas Social Credit was given by Mr. Harry Atmore, M.P., in the Normanby town hall on Monday night. Mr. H. D. Hughes presided and there was also on the platform Mr. H. Findlay. Tracing the growth of the presentday banking system from its infancy in the eighth or ninth century, Mr. Atmore mentioned how it had gradually increased in power until now it was commercially omnipotent, “holding even governments helpless in a devitalising grip of merciless intensity.” This was strikingly evidenced at the time of the comparatively recent international conference, when accredited representatives of 65 nations met to solve the world’s financial troubles, but hampered by vested interests were unable to find any solution. The mad craze had been allowed to go on until now the world was experiencing an unparalleled period of depression and want in the midst of a time of unequalled plenty and abounding natural wealth. The problem was one not of production or of consumption but of distribution. With man power increasingly supplanted by efficient machinery the problem of unemployment became one of more equal distribution of leisure, with the means of a reasonable enjoyment of the culture and civilisation which were the heritage of past ages assured to all. This, Mr. Atmore contended, could be achieved only by the adoption of Douglas Social Credit, which alone could save the world from “the chaos toward which it was rapidly travelling.” With the declaration of a “national dividend,” based on , all the wealth producing resources of the country, each individual person would be provided with the means to consume his share of the real wealth produced around him, and such words as “overproduction” and “under-consumption” would disappear for ever. In reply to a question as to how, if Douglas Social Credit were adopted, inflation would be stopped, Mr. Atmore said the real value of any goods was determined by the cost of the raw material used in its manufacture plus the energy required in the making. There would therefore be no money issued without this backing—a just price factor which would fix the cost.

Asked whether this could be adopted by an individual country, or whether it must be an international movement. Mr. Atmore stated that social credit was already working in several countries, notably in Japan, where it was proving of inestimable benefit. This had been found out by a group of Lancashire cotton millers who had toured Japan in order to find out how Japanese shirts could be sold (after having been transported, insured and landed) in Lancashire at 15s per dozen when the home-manufactured article could not be manufactured for less than 32s per dozen.

“No country in the world pays its debts in cumbersome goods,” said Mr. Atmore. “Put your own financial house in order and your troubles will be over.” “How ■ are you going to start this scheme?” asked a questioner.

“By educating the public and demanding support for social credit from the men whom you send to Parliament as your accredited representatives—men who will form a solid Government and not be dictated to by the banks,” replied Mr. Atmore. At the close of the meeting a vote of thanks to and confidence in the speaker was carried by acclamation.