DISAPPOINTMENT FELT

Taranaki Daily News, 17 September 1934, Page 7

DISAPPOINTMENT FELT

MONETARY REPORT CRITICS

FUTILITY OF NON-EXPERT ADVICE.

TECHNICAL SUBJECT CONSIDERED.

ALLEGED DELAY IN PUBLICATION.

By Telegraph—Press Association,

Auckland, Sept. 15.

Disappointment was expressed at Auckland to-day with the Monetary Committee’s report. Mr. A. M. Seaman, chairman of the Associated Chambers of Commerce, was not disposed to discuss it, but said it showed the futility of appointing a non-expert committee to deal with a highly technical subject. Dr. E. P. Neale, secretary of the Auckland Chamber of Commerce, said any two economists could have written the report in two or three days. The appointment of a Parliamentary committee was a very cumbersome way of achieving a minor result.

Mr. W. J. Holdsworth, chairman of the Citizens’ Committee, said he could see really nothing in the report. What it recommended had been coming about automatically of the banks’ own initiative. Mr. A. E. Robinson, vice-president of the Douglas Credit Association, said the majority of the report simply whitewashed the Government for setting up the Reserve Bank and raising the exchange. The minority report would live when the other was forgotten. He asserted that Major Douglas’ proposals had been deliberately misinterpreted and that the publication of the report had been purposely deferred so that it could be uged in Australia to-day against Douglas Credit candidates.