THE PEOPLE'S CREDIT

Bay of Plenty Beacon, Volume 8, Issue 21, 3 November 1944, Page 4

THE PEOPLE'S CREDIT

been drawn on the Treasury (the people's credit) for and-by the people.

Now Sir ? ,tliis gives food for reflection. If we had gone, over to internal credit in we would not have had to be taxed directly and indirectly to produce food for war maintenance. As Mir Nugent said: We,, in New Zealand are prepared to do our bit but we. do not expect to be flagellated in the doing of it under the direction of international banking control of our production (credit) internally or externally. Under these conditions we are told to export or die, and when this foreign banking system says there is no money—the man-made slump— we are goaded on to produce more and more to satisfy that hydra headed monster "the money power monopoly.'' So far as I can see there is no difference between National Dictatorship or International Dictatorship when the people, have lost the control of their credit therefore this

conference between the Ministers of Australia and New Zealand will be of vital and possibly a determining factor of the administration of this country's credit., as there lias been so much secrecy on previous occasions. We do not want to lose that economic freedom which we. are looking for in the future. Yours etc.. W. BRADSHAW.

0 Sir ( —A recent article in the HerOctober 6th (by an Australian correspondent) is of interest to the Monetary Reformers of New ZeaCanada, United States and elsewhere. It states that the Commonwealth Bank is to be taken directly under the control of the State, but • is it? We here in New Zealand in 1935 thought we were getting a State Bank when this- Government J took over ? but why were the New Zealand shareholders bought out on borrowed money from the Trading Banks? If it was intended to be a State Bank } the money should haves