CRANKS ARE USEFUL.

Waikato Times, Volume 117, Issue 19597, 8 June 1935, Page 9

CRANKS ARE USEFUL.

(To the Editor.) Sir, —in answer to Mr J. Johnstone, since when have the hard-earned credits of New Zealand farmers been the property of the banks? Again, whose Is the wealth that produces the credits, and what right has any private banking institution to monopolise the issue of currency? Referring to the first touch of criticism, the new economics has been under fierce criticism since 1919, and it has stood the test and has never been proved otherwise than true —• true to every rule of a correct economic system. Mr Johnstone continues in the old strain of providing jobs and work. Who wants work when the machines do it? We are in a leisure age, and we have, by birthright, a dividend due upon a very successful and mosl prosperous business. Who is stopping the pay-out? Wc are short of purchasing power in this country to about the tune of £50,000,000, and why produce if you cannot purchase? Cranks are useful articles, and our Industrial world needs cranking up with sound Ideas. —I am, etc., NEW ECONOMIST. Hamilton, June 5, 1935.