PUBLIC OPINION

Waikato Times, Volume 118, Issue 19658, 19 August 1935, Page 9

PUBLIC OPINION

As expressed by correspondents whose letters are xvelcomo, but for whose views we have no responsibility. Correspondents must write in ink.

WE DO NOT REALISE IT.

(To the Editor.)

Sir, —On June 21, 1935, the London Passenger Transport Loan of £40,000,000 passed through the House of Commons Avithout opposition. This loan will toe profitable to the hanking system, as it is guaranteed by the British Treasury, who obtain this loan from the Bank of England In return for Treasury hills (Government 1.0.U.’s for debts). In the June issue of the Westminster Bank Review they state: “Expenditure which improves the physique and the technique of our workers will make us better able to regain our competitive power In overseas trade and to derive the greatest benefit from our natural resources." At 5 per cent, this loan puts £2,000,000 into the pockets of the bankers Avithout any risk—very profitable business this public works loan, is it not? But the public have to foot the hill in heavy taxation. —I am, eto., NEW ECONOMIST. Hamilton, August 17, 1935.