ORTHODOX CRANKS.

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

ORTHODOX CRANKS.

(To the Editor.) Sir, —I repeat there is absolutely no reason why the New Zealand farmers should not be enjoying 1929 prices for their produce in New Zealand money to-day. Anything from 25 per cent, to 50 per cent, and over of the farmer’s income goes to meet the demands of “usury." Owing to the outrageous stupidity of our leaders and experts the present lovely mess exists. One of the first essentials in a well-ordered community is a stable money system, free from speculative manipulation by private Individuals, and, most important of all, free from “overseas control.” It is true that the money received for our exports is the measure of our Imports, but that is no reason why the primary producers should go short of £36,470,000 of purchasing power, with disastrous results to all concerned, within New Zealand, and also to the British manufacturer.

Mr Johnstone says tho £40,000,000 surplus export credits (latest banking returns) are “deposited in the Bank of England or invested .in British Treasury bills.” Just fancy investing these funds at 4 per cent, or less! These credits have been accumulated by the blood and sweat of the agricultural community. What did the banks do, and how did they “purchase” the credits from the exporters? By the simple and- practically costless method of entering figures in their ledgers here in New Zealand. Mr Johnstone says it is only by theft that these funds could be used as suggested. If his contention Is correct, then the banks must have acquired the funds by theft. However, your correspondent is 'Chasing a mare’s nest, as it is proposed to create some entirely new debt-free and interest (pardon, usury) free money to give old people, relief workers' and farmers a decent standard of living.—l am, etc., AGRIGOLA. Hamilton, June 6, 1935.