PRICE CONTROL.
“No Government or bank (national or private) can increase prices by the least fraction by any monetary policy whatever,’’ writes Mr. Percy Wallis in the Wallis Index Cotton Circular. “The general movement of prices will be to a much lower level for all manufactured goods in all countries of the world. This final and definite. The only thing which could prevent this movement is another world war. ‘ Manufactured prices will come down and wages must be reduced. This movement will react on the raw' materials, wheat, cotton, wool, etc. These prices will rise to the 1913 level as manufactured goods fall to this level. Unfortunately, the movement will be slow. The unemployed are the controlling force. The number unemployed must continue at the present level until the weight of their competition has reduced wages to the 1913 position. How many years this action will take cannot be estimated. The old records are not complete. It is probable it may take at least ten years, but there is no doubt about the final issue.”
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Wanganui Chronicle, Volume 76, Issue 105, 6 May 1933, Page 13 (Supplement)
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175PRICE CONTROL. Wanganui Chronicle, Volume 76, Issue 105, 6 May 1933, Page 13 (Supplement)
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