PURCHASING POWER

Timaru Herald, Volume CXLIII, Issue 20784, 20 July 1937, Page 6

PURCHASING POWER

THESIS BY MR SAVAGE By Telegraph —Press Association AUCKLAND, July 17. Refernce was made at a meeting of the Auckland Chamber of Commerce this morning by Mr Galnor Jackson to a cabled message from England that a feature of the annual report of the T deration of Chambers of Commerce of the British Empire was the adoption of the Rt. Hon. M J. Savage’s thesis that the root problem of Empire development was increasing purchasing power of the masses. Mr Jackson said he had perused the report, and could find no confirmation of that statement He said the statement referred to had been removed f- _m its context, and was being wrongly used for political ends. He added that Mr Savage was not mentioned in the report, and that Mr Savage's thesis on purchasing power was not discussed at the annual conference of the federated chambers recently held at Wellington The generally accepted idea of Mr Savage’s thesis on purchasing power dealt with the method of restoring it, and Mr Savage advocated the restoration of purchasing power by first increasing wages. On the other hand the— were those who considered wages were essentially a product and not a cause of industry. It was stated that the matter had been referred to the secretary of the T deration of Chambers for comment, and that a reply was being awaited.