Dear Sir. WHERE THE FUTURE WILL. BEGIN

Bay of Plenty Beacon, Volume 8, Issue 71, 8 May 1945, Page 4

Dear Sir.

WHERE THE FUTURE WILL. BEGIN

Letters to the Editor must be clearly written on one side of the paper only and where a nom-de-plume is used the name of the writer mus>t be included for > reference purposes. The Editor, m reserves the right to amend or withhold any letter or letters.

Sir —Our Heritage (by F. M. Fisher) and the Banking System (by J. Johnston) refer to th<£ obligations that must be met. Whilst admit these obligations, the foundation on which to remedy these has first to be built. Disraeli over one hundred years ago, used these words: "For industry commerce and agriculture there is no hope." The man that handled the great human fighting machine though the deserts of Africa made the following statement: "It always seems toy me a curious fact that money ■>- is forthcoming in any quantity for war, but no. nation has ever yet produced money on the same scale to fight the evils of peace—poverty t lack of education, unemployment and ill-health."

When we are prepared to spend our money and hit our efforts against them, as freely and with the same? spirit as against Hitler we shall f really be making progress. In spite of what Disraeli quoted it must be admitted production was one of the main factors which helped towards; winning the world's greatest war. It is obvious that if production was. a means of all the destruction production can lie a means of restoring it but we must have some of the millions that went to fight Hitler. Then comes the problem when are these millions to be found and how can they be approached? Where were these millions- prior to 3rd November 1939? The nations that made use of the Lend and Lease agreement did not have them hidden. The Bank. 4 ' were only the instrument of distribution outside the fighting forces its monetary value was very little. The commander found the world's manpower to fight the wof-ld war. All the resting_ millions were then unearthed and from the time the first shot was fired these millions went a certain round and back to their original resting place. The banking system has no control of it and its monetary value rests dormant pending another war.

The foundation for an improvement can and must be laid by the; Bank of International Settlement: This bank would 'come into being A not governed by shareholder but backed by United Nations its functioning being ( dictated by the United Nation conferences. The Bank of International Settlement could approach these millions if necessary commandeer them. A simple commandeer would would b6 for the Bank of International Settlement to control the note issue of all United Nations. Its currency would be of the same value with all United Nations, making it compulsory for all business receipts or payments to be made with the bank's note issue through the medium of the Bank of International Settlement. These resting millions would theft circulate to be replaced by legal tender and gain earning power. We have then a banking system controlled not by shareholders but by nations who avoulcl be in a position to direct the millions looking for replacements to channels re-building what it once destroyed. The note issue would be huge and would have for its asset production, commerce and agriculture with all its means I'or development. The question then arises who wants all this commerce and agriculture? The very people who are backing its payment —the United Nations.

That be nig so the payment would be made through the wheels of its finance and would be distributed in the same manner. Til greater the production the greater the circulation. satisfying Field Marshal Wavell that the evils of pcace could be satisfied if money used to fight Hit* ler were used to crush certain peace evils.. The great evils of. our banking system are wrought by the resting millions forcing the ' fliand of distribution. Yours etc.\ k\ MORA.