STABILISATION OF CURRENCY URGED.

Star (Christchurch), Volume XLIV, Issue 41, 18 February 1931, Page 4

STABILISATION OF CURRENCY URGED.

PROFESSOR FISHER’S PLAN REFERRED TO. Per Press Association. NELSON, February 17. A resolution urging that the Government should make an investigation of the money stabilisation plan of Professor Irving Fisher, as recommended by the New Zealand Board of Trade in its annual report for 1919, was adopted by the Nelson provincial executive of the Farmers’ Union, following an address by Mr A. N. Field, of Okiwi Bay, Groixelles. Mr Field quoted from the Board of Trade’s report, showing how, in the inflationary period in 1919, all sorts of remedies were put forward but no attention paid to money, the real seat of the trouble. The board had urged that Professor Fisher’s plan for stabilising money should be^ thoroughly gone into. The need was just as great to-day. Mr Field read a passage from a letter he had received from Professor Fisher, in which he expressed the opinion that it would be feasible for New Zealand to put his stabilisation scheme into operation without reference to other countries; but that it would be better to get the whole Empire in at once. Undoubtedly it would be better, said Mr Field, but the best way was to have a try-out here. From a prominent director of the Bank of England, Mr Field had also received a letter in which it was stated that, while. London was against doing anything but fumble about looking for gold to recover some inherent stability, there was a possibility that objections might be waived in the face of emergency to New Zealand’s trying out the Fisher plan. “If ever there was an emergency said Mr Field, “ we surely had it with the Hawke’s Bay disaster on top of the slump.” The executive decided unanimously to support a request for an examination of the Fisher Plan; and to request the National Economic Committee about to sit in Wellington to hear Mr Field.