IN MOST OF PLENTY.

Star (Christchurch), Volume LXVI, Issue 20280, 14 April 1934, Page 1

IN MOST OF PLENTY.

Reform of Money System to End Poverty. LONDON, April 6. Reform of the money system, to end the modern paradox of Poverty in the midst of Plenty is urged by a number of leading industrialists in a letter*to “The Times.” Signatures to the letter include those of Lord Sempill, Sir Geoffrey Clarke, Sir Maurice Jenks, Sir Stanley Machin, Sir James Martin, and Sir Alliott Verdon-Roe. They recall the King’s speech at the opening of the World Economic Conference, urging that it was surely r.ot beyond man’s power to use the world’s resources in such a way as to ensure tl.e material progress of civilisation. Continued destitution, poverty and unemployment, the} 7 say, demonstrate the fact that the monetary system has broken down both nationally and internationally, and is hindering the effective distribution of goods. “ With ninety million people in the leading nations destitute or on the verge of destitution, the primarv functions of the economic body—production and consumption—are frustrated,” the writers go on. “ We, in common with a large and rapidly grooving body of others, agree that gold is not essential as a basis for national money. Britain Should Lead. “ The nations should not have an international obligation to make gold payments, but a rational, scientific system should be substituted, permitting the correct number of money tokens to be available to enable the consumers to enjoy the- output of prod-ction. “ Accordingly, we urge that Parliament should immediately investigate the fundamental principles of the monetary system with a view to reform, in which Britain would give a lead to the world.” A leading article points out that while the writer’s views are not uncommon among business men, they are at wide variance with those of many economists and other authorities. Nevertheless, the issues are worthy of serious. searching discussion. Sir Geoffrey Clarke is managing director of the Telegraph Construction and Maintenance Co., and chairman of the Council of the London Chamber of Mayor of London, is head of a big firm Commerce. Sir Maurice Jenks, a former Lord of chartered accountants. Sir Stanley Machin is a former president of the Association of British Chambers of Commerce. Sir James Martin controls a number of companies nrodurin". importing and distributing food supplies. Sir Alliott Verdon-Roe founded A. V. Roe and Co., Ltd., aeroplane manufacturers.