DOUGLAS CREDIT SYSTEM

Waihi Daily Telegraph, Volume XXX, Issue 8451, 11 April 1933, Page 3

DOUGLAS CREDIT SYSTEM

SUCCESSFUL MEETING HELD AT KATIKATI LOCAL COMMITTEE FORMED Considerable interest having been displayed in the Douglas Social Credit Movement at Katikati the Waihi branch held a meeting there last week-end, several members of the committee going out in cars. Mr H. C. Howe occupied the chair and Messrs L. Fee and M. C. Larsen gave addresses. Mr Fee spoke first, pointing out a number of delusions, which, he com tended, the people were suffering from under the present monetary system. They were mistaking money for real wealth and because they tvere short of the means of obtaining the goods produced, thought they were poor. Wealth consisted of the things people used —not necessarily of money. Henry Ford had said that the people were at the end of an era. A great change was imminent. The speaker then went on to explain how the control of credit by private individuals had caused the downfall of the British Labour Government some years back. A coalition Government had then been formed, but it later had to abandon the gold standard. Mr Larsen opened by stating that the Douglas proposals embraced a complete new economic system. This could suitably be divided into two sections —the productive and consumptive systems. Between them stood the financial system, which had broken down, and was therefore the cause of all our That the people could produce in plenty ' was shown by, for instance, Australia’s huge surplus of £700,000,000, or nearly three years’ consumption at her present rate. If anybody had a man working for him who once or twice made a mistake, he might forgive him, but if the man continued to make mistakes and was unfit for the work the employer would obviously have to dispense with’his services. The present monetary system was inherently wrong and the people should therefore insist on having another. Prices were always greater than the purchasing power distributed, and the result was an accumulation of unsaleable goods, which was in evidence everywhere. To overcome the difficulty the people would have to take the monopoly of credit from the banks and restore it to the people. They would then be in a position to issue a national dividend and introduce the just price. A keen and instructive discussion followed, after which the meeting decided to form a local committee or study circle and a large number joined up. Canon Kyall was elected chairman and Mr W. H. Wright lion, secretary. The meeting was a marked success and was considered quite one of the best held in the district for some time.