EQUALITY OF SACRIFICE.

Press, Volume LXVII, Issue 20168, 21 February 1931, Page 19

EQUALITY OF SACRIFICE.

A UAV *r—• ' to thb EDttrbrt. dp lidfe panaa. Sir,—l wish to express my regret that Miss Jessie Mackay has decided nbt to bdiltillUd the eOire&poiitleiica she so abiy ■ ■■jtjirteti oil tlie above subject. Hurt-ever, I tvisb to amplify eOfthiii stdtoinentfe oodtairiecl ' in uiy previous letter, and also to give reasons why I opposed Misa Mnekay's suggestion. I hope .J'Olil'' MsSttltirs ftrlH tlgi'ee with the statement that wnges are onjy to a very small element the determining cost of ditf fcibnl fid bully, as proved during the ivarj when prices soared to Jieiglits beyond reason? while /jvages rose only a few points. Lately also prides 'oft tnauy' cditimudJtie& Have dteI seerided WUild tfkgtis Hfcve remained i etatitttitiry. . I itletifiidfl this fatit lid i | wish to foretell that, | will full if I Mr ForbesV proposal :is 1 .cal-ried by, Pdrliitindiifc ( the edst of lit 1 »iflg tvill H<it fttll as a ratilt. „ - '<■ But-J also wish to..state-that New i 2feal«ild erhployers. will riot feel, £lny benefit by ine~ lowering of toiges for. the simple reason t&at it our wagfes, bill i$ .hot- tjo otii 1 , MrnaVfcr Will, smaller ihf' 1 combsirifioti, - because wiS have cut down , the "spending pf bdr ortn ttifastoriterS- , _ , ' ■ The ttffefeetit • crisis is U&iqUe Ifl the wai'idfs history,' iihd tlte, hope, , by it" \trlll JjJtss iis jttmiajis oflda hrivfe passed, »fjupti«a" as fjh»t .great fallacy,, pf; fne law 6f.<jftiio*> .didltjr or tills ftvfl atid feev£fi f6&? 'economic - <s6l6 illusion in it* trail, urle» *o as ciyi-

fed human b&irigs, wfaile triing to alleviate its evil effects* also try to eliminate its principal causes. Meanwhile I wish to explain why in my previous letter I demanded legislation in Order to otirb the greed of the banks;

As is well known, the banks in this I oouhtry, thanks to the monopoly t giahted them by pur legislators. for many years past have never paid less than 12J per cent, yearly dividend, aha this not only on their .bflgihtll capital blit on the accumulations of prosperous years, which by now amounts tb millions! Btit as soon as thfiir customers, and the cause Of their wealth, fell on, they increased tli® rate of interest and doubled the ptice of bookkeeping, while the wages bill is smaller! Is it not time that fall or. banking became a monopoly of the State, administered by afa pendent Board of Experts, animated by the spirit of national service P Banking is not an industry. It has become almost a routine work Without 1 originality, creative spirit, Or eveii imagination, and as such carl More efficiently be carried on by the State fot* the benefit df thto nation &s A .whole.—Yours, etc., ' , H, OOLONKAi February 20th, 1981*