BACK TO PROSPERITY

Waihi Daily Telegraph, Volume XXX, Issue 8495, 29 July 1933, Page 3

BACK TO PROSPERITY

WHAT NEW ZEALAND MUST DO

NEED FOR MONETARY REFORM

DOUGLAS CREDIT ADVOCATED

That the widespread privation and

hardship in New Zealand was un-

necessary and artificial, and was due

to an obsolete monetary system which must be drastically reformed, was the main theme of an address delivered by Mr H. Atmore, M.P. for Nelson, at Hamilton on Wednesday evening last.

In opening, Mr Atmore briefly su - veyed world conditions, revealing widespread poverty amid plenty. There was no reasons, he said, why the people should be short of the necessaries and comforts of life. Wheat was being burnt while thousands needed bread. In New' Zealand 80 per cent, of the children treated by the Auckland City Mission were suffering from malnutrition, despite the Minister of Health’s assurance to the contrary. It was a disgrace tc the Government. We boasted of new production records in butter and cheese, yet thousands of New' Zealand homes wanted more of these commodities. Was that not sublime folly? There was also a demand for clotnes in a land which formerly led the world in advanced humanitarian legislation. In old age pensions and other measures the Dominion led the world, yet now she lagged behind.

“The Ottawa Conference was never intended to succeed because the conversion scheme in England was proceeding simultaneously and would have failed if there had been a trade revival,” continued Mr Atmore. “If times were prosperous people would never have agreed to a reduction of interest. Thy never touched the real problem—monetary reform.”

THE CURRENCY SYSTEM

If goods were in abundance on the one hand, and thousands of consumers were waiting for them on the other, what had broken down —a connecting link, and that link was a costless creation known as money. (Applause). Only one man had diagnosed the trouble scientifically. Major Douglas. There had been much talk of currency cranks, but they were in good company. Among those who had outlined the real trouble on the lines of Major Douglas were the King, the Pope. Loid D’Abernon, the Governor-General. Professor Einstein, the London Chamber of Commerce and the Agricultural Committee of the American Senate, to quote a few. Mr Atmore maintained that the bulk of expert opinion not harnessed to the service of the banks was clearly on the side of currency reform and the people. Even the Bank Officers Guild of London had pointed out to bank directors that, the present currency system was unsuited to modern conditions. The security pledged for loans did not belong to the banks but to the people, whose creative ability produced real wealth. It was absurd to think the world could ever repay all interest-payments owing. Mr Atmore quoted figures to show that the debt burdens of four leading countries were 300 billion pounds more than their real productive wealth. He criticised the Government for borrowing from England and from the banks when it could have issued treasury notes on the same security—the real wealth of the community. Banks dealt in financial credit and never produced one penny of real wealth. The people of New Zealand must insist that there must be no more borrowing either at home or abroad, and that we must issue our own notes on our own productive capacity. (Lour applause). Mr Atmore claimed that the Douglas Social Credit Movement was spreading a message of hope in attempting to free the people from the bondage of usury.

CONTROL OP MONEY

Referring to the gold standard he stated that if shopkeepers had changeable weights and measures they would be heavily fined, yet the banks had an adjustable measuring rod of gold with which they could increase or decrease the value of goods. Gladstone had realised that the real rulers of men were not governments but financial organisations, which <-ave economic interpretation to the Taws passed. Bankers said industry must put its house in order but it was finance, not industry, which was at fault. If there were insufficient tickets to purchase the real wealth available the banks must take the blame. Money was the life blood of industry, and the control of it must be restored to the people. The Government planned to make people prosperous by taking away the means of prosperity —money. “The world is gradually making rebels against the existing order of societv,” proceeded Mr Atmore, “People are asked to be loyal to a system which does not recognise the rights of babies being born every day. And they call it Communism. Professor Soddy has pointed out that artificial poverty is becoming more dangerous to enforce. Can’t the governments of the world see the signs of the times? Yet the men responsible for perpetuating this system dominated the committees at the World Conference.” Mr Atmore said there kas an attempt to fasten gold more securely around the necks of the people Cold could never be increased appreciably, yet it was supposed to measure an ever-increasing quantity of real wealth,

CREDIT FOR THE PEOPLE Alter touching on the question oi the restriction of Dominion products in Great Britain the speaker emphasised tlio necessity for the Dominion to feed its own people first. Douglas had directed the attention of the world to the fact that no business j or industry could distribute suflici- 1 ent purchasing power to purchase its own output. He had also emphasised that credit was for the use of the people by the people. Mr Atmoro was convinced that the intelligent masses were awakening at last, and it would not be long before an utterly absurd system was replaced by a new era of happiness and prosperity. The following resolution was carried unanimously: “That since under modern scientific conditions* productive capacity is unlimited, and since the existence of indigence and unemployment throughout a large portion

of the population demonstrates the f,TC,t that, the present monetary system is obsolete and a hindrance to the efficient production and distribution cl goods, in the opinion of this meeting the Government should take immediate steps to bring in the necessary economic reforms to enable the people of this Dominion to enjoy the benefits to which their present productive capacity entitles them.