WHAT IS CREDIT?

Timaru Herald, Volume CXXXIV, Issue 18831, 20 March 1931, Page 5

WHAT IS CREDIT?

To the Editor of the “ Timaru Herald.” Sir, —This discussion has gone off into side issues. In discussing the release of credits by banks we pointed out that this sort of credit was borrowing today what has to be paid back to-mor-row. “Economist” says this is wrong, because there is another meaning of the word, and he then touches on national credit and its control by the State, What we said originally was correct. Wt cannot now enter into the happenings of 1914, of which “Economist” has given a version entirely wrong in some of his statements. “Economist” began with a pleasing little pat on the back for the League’s letters, but he ended with the following statement, which we wish to repeat to show to what depths a man can descend who makes charges for which there is no excuse or evidence in support. He said: “The Welfare League will of course be engaged carrying out the behists of those New York Jews who are just now busy Americanising the British Empire.” If “Economist” is a New Zealander he should be ashamed to make such a statement about an organisation composed of many hundreds of fellow New Zealanders drawn from every section of the community. We leave it at that.—We are. etc, N.Z. WELFARE LEAGUE. March 18, 1931.