BANK PROFITS

Bay of Plenty Beacon, Volume 8, Issue 83, 22 June 1945, Page 4

BANK PROFITS

Sir—ln your issue of May 29 is a 1 letter over the signature 1 repudiating a statement attributed>to 1

Danks v but t li for millions been 1 have forwarded to Mr Danks and lie Avill no doubt reply. What I am concerned .with ) Sir ? is "Sterling's" last sentence to the effect that "very little reliance can be placed on his statements." This is tantamount to saying that he was just talking a "pack of lies." Very well! Does "Sterling" deny the following points and what proof has lie ? "Banks create credit." This has been admitted by a New Zealand economist by Mr Reg McKenna ami others. Did not Mr . Vincent Vickers (a former Director of the Bank of England) throw over orthodoxy ? Bret ton Woods again ties us to the gold standard. Mr Winston Churchill admitted that when England went" * back to the gold standard after World War he had taken the advice of his financial advisers ami in the light of succeeding events that advice was illfounded. At the last clcctions in Alberta—after nine years of a, Social Credit Government—the ■ Government had received the vote of 92 per' cent, of the voters. Today Alberta leads all $ Canada in health services. Alberta's modern school system has become widely recognised as a model for the North American Continent. From 1935 to 1943 a total debt of' 42 million dollars was cancelled by the. Alberta Government. Over 2000 miles of new road were opened and over 2000 bridges were built. This was all done "Without Debt." The above arc all statements of Mr Danks on which, ~ in the words of "Sterling" "very little reliance can be placed." I challenge him to disprove them. Yours etc. L. C. RICHARDS, Hon. Wha'katane Social Credit ■ Movement.