GOODS AND SERVICES

Taranaki Daily News, 12 July 1935, Page 5

GOODS AND SERVICES

BASIS OF THE MONETARY SYSTEM • ADVOCACY BY MR. M. J. SAVAGE. By Telegraph—Press Association. Pahiatua, July 11. During the course of an address to a large audience at Pahiatua last night the Leader of the Opposition, Mr. M, J. Savage, advocated a money system based on goods and services with 'control by a national credit authority, whose duty it would be to provide credits authorised by Parliament and administer the money system on a properly stabilised basis. In discussing the use of public credit the opponents of Labour had made frequent reference to the danger of inflation unless control were vested in private banking corporations, but no objection hau been made during the period ex deflation, which destroyed millions of pounds worth of values in farms, homes and other ' rms of wealth.

The present system of finance gave no security to anyone. The'time had come to make the incomes of the rank and file p r a true reflection of increasing production. > against poverty during old age or invalidity should be provided in the form of universal superannuation. While tens of t-hotisands of workers were either wholly unemployed or doing task work of third or fourth-class importance, a large section of the people had less than a fair standard of living.