NATIONAL CREDIT

Wanganui Chronicle, Volume 83, Issue 289, 7 December 1939, Page 12

NATIONAL CREDIT

UNLIMITED RESOURCES AN AUSTRALIAN VIEW The Acting-Federal Treasurer, Mr. Spender, recently vigorously criticised persons who preached “the stupid doctrine that, for any purpose, there was an untapped source of wealth from which money could and should be made available.” Speaking at the annual dinner of the Master Printers' Association at the Hotel Australia, he said that he believed that more .iberal views than many currently held on the country’s ability to finance the war and developmental work would be consistent with sound finance. “But to follow the course advocated by the extreme advocates of easy money would be crazy finance,” he said. “It would result in disaster, and particularly in the impoverishment of the working man and woman. Telling the Public “We have learned a great deal about credit finance since the last ■ war. The evils of high interest rates ( and rapidly rising prices, and the 1

fundamental causes associated with these two phenomena are known to us. It may be said tnat the pressure of public opinion has played a tremendous part in liberalising views or. these matters. “There has, in the past, been far too much mystery associated with them; too great a reluctance to teil the people about finance and the way in | which it works. Confidence of "the i public in the financial policy of its Government is essential. To maintain this confidence, I am one who believes the public should be taken more and more into the confidence of the Government. “Of course, there are occasions when to reveal the steps which a Government proposes to take to achieve a certain end would result in' frustrating their purpose, but I believe that, in the past, the public have not been informed sufficiently from responsible quarters on matters in which they should and could have I been safely confided in. 'Nonsense About Miracles” "Perhaps, had there- been more confidence reposed in the people in the past there would be less of those who now speak so much nonsense about the miracles they claim money can perform. These people, who are not prepared publicly to wear dieir true label, create disaffection and sedulously sow the seeds of disoon-’'