THEODORE'S PLAN
TO RESTORE AUSTRALIA:
BANKS TO EXPAND CREDIT
(Received 9th February, 2 p.m.)
CANBERRA,! This Day.
Discussing his plan for the restoration of Australia's prosperity befqrt the Conference of. Federal and. Stata Ministers, Mr. E. G. Theodore, Federal Treasurer, said: "We all realise .tha possibility of collapse, of jmblic panis and a final crash, if not a social upheaval, o£ a very serious character." Mr. M'Phee, Premier of Tasmania*' "The crisis is here now." .•■■-.'■ ~ Mr. Theodore: "I admit that, -but'the final crash has not yet arrived,'aiid to staVe it off we have to devise some scheme of readjustment. Anyone who has studied the capacity of banking organisations to give credit to industry; will admit that they can expand their credit at will. -They are limited-only; by th.c effect in carrying ■ out such-* policy. The banks raised the. enormous sum of 283 millions in Australia for military operations :during the war. . I say, advisedly,; the .banks have th« power to create additional credit. My suggestion is merely the. restoration.of the value of ; our, currency whiat ; it was, say, two years ago, which do.es not mean inflation, but which would enable us to turn, the corner towards rehabilitation." :, ..;•-•
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Bibliographic details
Evening Post, Volume CXI, Issue 33, 9 February 1931, Page 11
Word Count
197THEODORE'S PLAN Evening Post, Volume CXI, Issue 33, 9 February 1931, Page 11
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