MR BRAY'S ECONOMICS

Press, Volume LXXIV, Issue 22511, 20 September 1938, Page 13

MR BRAY'S ECONOMICS

*p m spin* or tea r*M* has bed 'lioth English and colonial experienee in banking," That, however, does net assure us that he is holding forth on the strength of hi* technique. His position is one of social credit advocacy. He and others of this advocacy are probably doing good service. They are helping to bring about better social conditions in the world's communities; for their persistence '3 causing governments to. take notice. Governments and their followers cannot, however, work under the heading of social credit, because even if the schemes were sound, by far the greater number of our people ere not in agreement with either the schmes or principles »s outlined by ft* advocates. Our Government would have encountered effective barriers if it had tried to pass a* social security bill under such revolutionary* methods, it is easy to imagine that Mr Bray's resignation appears quite reasonable to i himself, but not .to the Labour Party*Surely he and his colleagues did not

axpect tha Government to follow his proposals, His allegiance to any group now appears to depend upon tha adoption of nis ideas entire. He has quoted what appear to ba extreme sayings of Mr Keynes and others in a context of his own that indicated other than a technical meaning to be attached to them, ''.<;, Mr Bray, carefully avoids setting out any technique; probably because the average cituen nas, not the facilities or the time, to master it, as a consequence soon losing his desire to fathom it. The average man and woman does realise that production is the first part of the problem, then consumption in New Zealand, and exports and imports, The exports ana imports work In a way that through their effects a time of great production, in our Dominion might be worse than if there were a. little under-production, because of unfavourable markets. Mr perhaps imagines New Zealand free to dp as she pleases, but we have to face the facts. The initial .task should be to bring the Empire together to; plan for the production of ample. primary and all other, goods, We helteve that modem chemistry,. machinery, and science, coupled with man power, are able to produce plenty, for all, Jf an agreement .on production were accomplished, and;, put Into practice, then something 10«r social credit might be possible for distribution. As things are to-day. the present Government has approached as near to an ideal as possible under our system,and constitution, and merits appreciative support from the people of Mr Bray's advocacy. —Yours, etc.; ' _■■■ ■ P. A, SMITH. September 17. IMB. •

'fM'H SPfTH* Pr I'll »IHt ■ Sir,—Mr V. T. Shand has taken Mr Freeman to task for being "a supporter of the present obsolete money system," and quotes Mr ,Bray and the various lords and others who are disciples of the new economies of "social credit," It would probably need a largo special issue of your paper to quote the names of the lords. Prime' Minis* ; ters, statesmen, captains of commerce, and plain men .who cannot possibly understand the jargon or meaning of the so-called new economies, nor can. after serious study, see in it more than I a proposition to jmeke. the confusion worse confounded. True, there are probably some grains of truth in some ff the various theories, but J suggest that wf **aJl, in-the course of time, evolve to these truths, there is nothing to be Rained by trying to bring about a revolution of new ideas. Our Socialist friends are making tho same mistake. They see faults I m our present system and instead of

tht steady and sura method of bringing about reforms, thty an prepared to ruth th* country into revolutionary changes involving colossal expenditure, without a proper understanding e< the disastrous result* and suffering to the people thouid tht prices of our product* drop sharply in England and the money not be available to carry on the schemes,. For the above reason* I cannot Possibly- accept either "social credit" or Socialism as * way out, X am therefore quite prepared to be dubbed a reactionary and a Tory by those simple people who believe in revolution and not evolution,—yours, etc.. _„,_

September "W, IMB, [Subject to the right of reply, a* IV J. Freemen this correspondence is now closed.—Ed.. "The Press,' 7 !