THE ORACLE "

Wanganui Chronicle, Volume 79, Issue 195, 21 August 1935, Page 6

THE ORACLE "

Sir,—Your correspondent, New Zealand Welfare League, still maintains that the quotations given from the Encl. Brit. Keynes, AlcMillan’s Report have been wrested from their contexts and that these articles prove that banks do lend their deposits and do not create bank credits against their deposits. Th'ey make no attempt to substantia ate their statement, but admit that they do not think that 1 gave these quotations to mislead. I accept their apology but resent their implication that I have not read these articles, for I. still maintain that the quotations are not wrested from their context. If they honestly believe that I have not quoted them to mislead I again challenge them to show by other quotations from these articles that my quotations are misleading. The porrespondence shows clearly that they (N.Z. Welfare League) are out themselves to mislead, for 1 cannot conceive that they, with their wide erudition on these matters, have not read these articles, still maintaining their positionf I have corresponded at various times during the last 15 years with the N.Z. Welfare League on banking and economic matters, and have never known their writing to elucidate the present position, but by inference supporting the present system that is bringing such dire ’calamities on trade and industry throughout the world. They remind one of the story concerning the “Oracle” that claimed much wisdom and knowledge. The story i s of a Greek battle axe manufacturer receiving orders from both the Romans and the Gauls, and being perplexed as to which order he should accept. In his distress, he consulted the Oracle, as to which would prevail in the coming struggle. The Oracle shrewdly answered; “The Roman will the Gauls conquer." Naturally, when the war was over, it was discoveied that the Oracle had been right—sweet being the misuses of ambiguity.—l am, vours faithfully, • 1 HOWARD U. IDOUETTE. ’ ’