REPORT OF MONETARY COMMISSION

Timaru Herald, Volume CXXXVIII, Issue 19906, 17 September 1934, Page 6

REPORT OF MONETARY COMMISSION

AUCKLAND COMMENT By Telegraph—Press Association AUCKLAND, September 15. Disappointment was expressed in Auckland to-day with the Monetary Commission’s report. Mr A. M. Seaman, chairman of the Associated Chambers of Commerce, was not disposed to discuss the report but said that 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 that 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 on the banks’ own initiative.

Mr A. E. Robinson, vice-president of the Douglas Credit Association, said that the majority report simply whitewashed the Government for setting up the Reserve Bank and raising the exchange rate. The minority report would live when the other was forgotten He asserted that the proposals of Major Douglas had been deliberately misinterpreted, and that the publication of the report had been purposely deferred so that it could be used in Australia to-day against the Douglas Credit candidates.