VOICE OF THE PEOPLE

Taranaki Daily News, 16 October 1934, Page 9

VOICE OF THE PEOPLE

QUESTIONS OF THE DAY MONETARY COMMITTEE INQUIRY. MAJOR DOUGLAS’ POSITION. (To the Editor.) Sir,—The debat- on the report of the Monetary Commission reached the usual high standard of the New Zealand Parliament; that is to say, the criticism by members of those who gave evidence before the commission consisted almost entirely of matte extraneous to the subject matter of the report, and to a large degree of personal reflection on the capabilities of Major Douglas. Mr. Nash states that Major Douglas declined to expound his theory, though he did deal with banks and .insurance company. dividends. In reply' to. a letter from the secretary to the committee inviting Major Douglas to put: his. views before the committee, Major /Douglas stated: — . • - ; ’ < “It. would, he a source of pleasure to me, and I have every wish to render effective assistance to your committee in obtaining information which would further the welfare of the people of New Zealand. • “In regard to the suggestion contained in your letter that I might submit a proposal, or definite scheme, which might be made applicable to New Zealand, and on which your committee might report under its terms of reference, the position is complicated by the circumstances that, as I have been requested to assist at a somewhat similar Parliamentary committee in Canada at an early date and have inescapable commitments in the United States in regard to the same matters subsequently, I am obliged to leave Wellington towards the end of this week. “I am confident you will agree that in order to deal with the subject in question in a manner which would provide a complete survey of the situation, and would carry appreciable weight with responsible opinion, it is necessary that the defects, if any, of the current monetary system should be established by a judicial inquiry. At such an inquiry suitable defendants of the existing system might be examined by agreed counsel for its critics, both sides being in a position to call witnesses as to questions of fact. A similar procedure would no doubt be applicable to any suggested means of rectifying any defects exposed. “Such an inquiry on behalf of the New Zealand Government might suitably be held in London. Since at this juncture time does not permit me to assist at an inquiry so organised in Wellington, even should your committee desire to take action along such lines, I can perhaps be most helpful if you would inform me:—

“(a). Whether your committee is prepared to regard it as now being beyond reasonable discussion that the existing monetary system creates financial debt in excess of the capacity of the public to liquidate it, and that this situation arises from lending and other dispositions of financial credit constituting purchasing power by institutions claiming the exclusive prerogative of its creation.

“.(b) Whether, on the contrary, your committee does not wish to comment on or investigate the current working of the financial system, and is therefore precluded from favourable view of proposals which would traverse it. “In order to economise the small amount of time available I am dispatching this letter to you by hand, and should much value your reply, if possible, within 24 hours.” The committee evidently was not prepared to establish any defects in the monetary system by judicial inquiry, and it seems that the Coalition “Niemeyer” system is to continue—more debts, getting round comers, more taxation, mor® unemployed, produ'i more and consume less. One might well ask, “Are we living in a paradise?” The answer is obvious; we are living in a fool’s paradise.—l am, etc., W. Waihi Road, Hawera, Oct. 15, 1934. FARM DAIRY INSTRUCTION. (To the Editor.) Sir,—Recent experience has convinced me of the value of the farm dairy instruction system. One day recently the milk I supplied to the factory was graded “second.” The dairy instructor immediately came to the farm, and discovered the cause of the. trouble.: Next day the milk was first grade. My advice to dairy farmers is to keep their farm dairy instructors.—l am, etc., X. Pungarehu, Oct. 15, 1934.