MONETARY REFORM
AN INQUIRY URGED DEFLATION POLICY IMPOSSIBLE ( Per Press Association.] AUCKLAND, May 21. A large audience at tho Town Hall listened to an address Captain H. AT. Rushworth, M.P., in which he urged the framing and tho adoption of a new monetary system in New Zealand. Ho declared that tho existing policy of deflation was practically impossible to carry out, and, if pursued to its logical conclusion, it would destroy tho sanctity of contracts. The alternative was to fit the monetary system to the national requirements. This had been done in Sweden by putting the system upon a price index basis. The ideal monetary system should be international, and failing that an Imperial system. In each case the question arose as to who was to control it.
He hoped that the delegates to Ottawa would not return with a recommendation that the New Zealand monetary system should be submitted to the control of any outside independent authority.
The meeting enthusiastically approved of a resolution moved by Sir George Richardson urging the setting up of a tribunal, presided over by a Supreme Court Judge, to hold a full, open, and immediate inquiry into the operation of the New Zealand monetary system, and the possible alternatives to it.
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Bibliographic details
Wanganui Chronicle, Volume 75, Issue 119, 23 May 1932, Page 8
Word Count
207MONETARY REFORM Wanganui Chronicle, Volume 75, Issue 119, 23 May 1932, Page 8
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