POWER BOARD DEFENDED.

Timaru Herald, Volume XCVIII, Issue 18084, 17 June 1924, Page 6

POWER BOARD DEFENDED.

To the Editor of the “Timaru Herald.” Sir,—l saw a chiel among us taking notes on Thursday night, and faith lie’s printed them (apologies to Bums). Air Anstey chides the speakers of last Thursday night with not bringing forward anything constructive. To such a criticism it is sufficient to say that before one can erect a new house cn the site of an old one, it is necessary first to remove all the rubbish and obstacles. Some of the rubbish is general ignorance of the difficulties to be overcome, and the chief obstance is the operation of a financial system which makes it all but impossible to carry out profitably' any public work calculated to be - the greatest benefit to the community; a system which is founded cn several glaring fallacies, and which is a product of greed, ignorance, and superstition. The war showed that the credit of Great Britain is worth several thousands of pounds sterling. On the other hand, the credit of all the British banking companies combined is only a fraction of that of the British nation and Empire. How is it then that the Empire is compelled to sell its superior credit for bank credit, and then pay interest charges for the exchange. That “the whole is greater than a part” is an elementary' mathematical axiom. A h.v docs no.- the' nxom hold good in financial matters? Utilise the nation’s own credit instead of that of a few private individuals and farmers, merchants, manufacturers, and business men generally will prosper as they never prospered before; and you will at the same time remove tho chief obj st.u-lc to the establishment in this district of an efficient and cheap electric power, heat and lighting .system, whether it be water-produced, or pro duced by steam. 7 believe Air Anstey to be well up in finance. I would therefore urge him to go into this aspect of the matter, and, say, at the end of a month’s study of it, give your readers the benefit of his opinions —1 am, etc., A. AI. PATERSON.