Public Opinion

Wanganui Chronicle, Volume 79, Issue 229, 30 September 1935, Page 6

Public Opinion

"DOUGLAS CREDIT AND BANKS’ Sir,-The financial fistula which b causing a world's disturbance at th( moment is caused by land and meat market prostelecteori which is in stanced by Mussolini, and the disparity between production and consumptioi prices. We cannot have pearls without first procuring the mother of pearl, whicl compares with real wealth, .which if kind credit, and by the same token wc cannot have peas without pods, the latter representing the banks. The advocates of Douglas Credit claim they have a cure for the depres sion, crisis, starvation, misery, unem ployment etc., by metaphorically con trolling the peas without the pods which are the envy of other nations, but the writer challenges them to show how they propose to develop the empty spaces held by the British Empire and prevent the Meat Trust from ruining the pastoral industry of Australasia. The gambling clement should take warning that their agitation is equivalent to holding a red rag to a bull and they may later be lamenting thus:— “There was a young man in the fashion Who was tossed by a bull in a passion. As he fled through the air he was heard to declare Oh! Why on earth did I put that red sash on.” —1 am. etc., JOSEPH CARWAR DINE.

’FINANCE” AND S. S. SMITH

Sir.—ln your correspondent S. S. Smith, of this morning's issue, you furnish your readers with yet another of the “Brutus, Gardner-Douette Studio,” but the latest student paints a poor study. “Finance” mentioned that banks do not lend their own funds, but the money of their depositors. Smith promptly says that banks do not lend their deposits, but make advances by creating 95 per cent, of “costless credit,” demanding that “Finance” produce reputable authority to the contrary. He might as logically have written to old “Euclid” for the authority of that definite old chap’s ‘ ‘ Axionis. ’ ’ —l am. etc., FINISH.