THE CENTRAL BANK.
COSTLESS CREDIT CREATED. “FIGURES IN A BOOK." “I feel that our organisation throughout New Zealand can claim a share"of credit for having the original ECentral Reserve Bank Act amended so that New Zealand’s monetary system would not be tied to sterling for 2o j | years, as originally intended," stated | M,. c; \. Bairell iti a report submitted the. Hamilton district council of the Douglas Social Credit Movement on ! on Saturday. I “We are grateful to the Governor of : the Reserve Rank for illustrating the j costlessness of bank credit. Starling j with a capital of £500.000 the new [ hank in a few weeks acquired nearly j £.'!(),000.000 of assets, consisting of | nearly £'15,000.000 of sterling bal- j anccs, claims lo wealth in England, and j about £5,000,000 of gold locally, and | ali by the simple process of ‘writing j ligures in a, book.’ Wby could not tlie Roxernniciil have done the same thing’.”’ lie asked. _
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Bibliographic details
Waikato Times, Volume 116, Issue 19452, 17 December 1934, Page 11
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157THE CENTRAL BANK. Waikato Times, Volume 116, Issue 19452, 17 December 1934, Page 11
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