THE CENTENARY

Press, Volume LXXIV, Issue 22510, 19 September 1938, Page 14

THE CENTENARY

TO THR EDITOR OF tM PM*B. Sir—ln 1940 New Zealand will, be celebrating its centenary of crtlomsation, and it has been determmed that the country’s progress shall symbolised by an exhibition m Wellington New Zealanders will be Justly proud of what has been accomplished bv our forbears and the present generation, and, without doubt, great credit is due to them. Yes, great credit is due, and overdue. It may, however, be taken for granted that there will no be an exhibit of the progress of national and private debt during these 100 years. I think it is quite safe to say that cost in money, that is, the total amount of air debt in 1940. will be round about £1,000,000,000: not a bad achievement for a young nation. of one and a quarter million souls. This will be approximately the financial cost of our progress; the result of 100 years of moil and toil and hardship of the many. ~ , It would .therefore seem that under the present monetary system it is impossible to have material progress without, per contra, unpayable debt. Governments and Parliaments may come and go, but debt, like the brook, goes on for ever. Successful political parties may shift the burden or its concomitant, interest in taxation, about from one section of the community to another, but still the curse of debt in this and all other so-called civilised countries remains, and life itself, as witness the falling birthrates, simply does not pay.—Yours, pfC ’ D. NICHOLSON. September 16, 1938.