BANKERS’ CONFLICTING VIEWS

Timaru Herald, Volume CXLV, Issue 21088, 14 July 1938, Page 8

BANKERS’ CONFLICTING VIEWS

To the Editor of ’ The Timaru Heraio Sir,—The address by Sir Alfred Davidson, Australia’s banking mouthpiece to the associated accountants sharply coi flicts with the statements of Mr Reginald McKenna, Mr R. G. Hawtrey and many others, which have been so freely discussed in practically all the Dominion’s papers. But one fact which is not disclosed is that at the moment, and for many months past, the demand for results is forcing the money power the world over to face readjustment to meet social needs. Tire job is admittedly not easy; but will have to be done. Dr. Le Fanu, Primate of Australia says: “Our present financial system is not doing its job, and I don’t think anyone doubts that very plain statement. If a system cannot be made to work on any terms tolerable to conscience, nor without sacrificing men and women to an impersonal and abstract dogma, then it is the system that must be changed, . . . not men and women that must starve.’’ The health and superannuation scheme which is now a burning question in Australia was according to the “Bulletin” the Federal Government’s response to the demand that poverty must be abolished. The Federal Government have brought down a measure, the finance for which does not differ from the outline given of the New Zealand scheme, as explained by the Prime Minister. Whether the method of finance is a sop to the money power, or whether it is a “share the poverty” Infliction are questions for every elector’s consideration. That human values should be subordinated to money values, as beyond all question they were during 1931-1935, places not merely the money power but those who are its servants beyond the pale of recent consideration. In this matter the House of Rimmon will be no sanctuary for our legislators who have the opportunity of financi g the scheme with debt free money and fail to take the initiative. The member for Oamaru lays bare the fact that taxation has