VALUE OF MONEY

Timaru Herald, Volume CLVIII, Issue 23262, 25 July 1945, Page 6

VALUE OF MONEY

Address To Toe H "Money assumes, in our imaginations. a value which does not belong to it; we do not work for pound notes but for our share of the food, clothing, shelter and amusements to which these tickets entitle us.” said Mr R. S. Wheeler in an address on "The Mystery of Money" at a meeting of the Timaru Toe H. ‘ Mr R. J. Runciman presided. A pound note was a representation of eight hours’ work given to society, continued Mr Wheeler. The sum of £3OO decided what a worker would do for a whole year. Therefore, gambling with money by way of speculation was I gambling in the lives of men. Control of the trading banks would prevent the present policy of pull baker pull devil between the Reserve Bank and the trading banks, which had inflated the currency and robbed the Security of savings, stability of our social organisation, and the proper direction of our energies all depended on the elimination of the present anarchy in the creation of credit' and the establishment of social control ovei our economy which must be directed to a world of plenty. After the. waste and devastation of war there was no excuse for poverty and, had the rulers of Germany, Italy and Japan directed their policy to building up the standard of living of their peoples and consciously exchanged their surpluses for the deficiencies of their economic system, there would be no need to set out to conquer new territories foi capitalist exploitation, concluded Mr Wheeler.