DOUGLAS SOCIAL CREDIT

Hawera Star, Volume LIII, 22 June 1933, Page 2

DOUGLAS SOCIAL CREDIT

ADDRESS AT MATAPU. On Monday niglifc, under the auspices of the Matapu branch of the. New Zealand Farmers’ Union, Mr. B. E. Mason, of Hawera, gave an address on the Douglas Social Credit system. The address was followed by many questions, over an hour being occupied in an interesting discussion. Mr. Robertson asked how the credit issued under the discount system would be cancelled. If- it were allowed to pile up inflation would occur. Mr. Mason said that since all credits were new money brought into existence by entries in the banks’ books (the banks acting as agents for the national credit authority), and since producer-credit was repayable, all con-sumer-credits would be cancelled against producer-credits. In reply to a question by Mr. York concerning the future of the banks, Mr. Mason said that they would be busier than ever; the only difference would be that their right to issue credit on their own authority would be taken away from them. Mr. Hoskings asked how the credit would be issued. Mr. Mason answered that all credit issued would be authorised by the national credit authority. The banks would act as agents. In moving a vote of thanks to the speaker, Mr. Robertson said that undoubtedly all people were aware that the present system left much to bo desired, but that the greatest care had to be observed in selecting another system. In seconding the motion Mr. Seed said that the address had given everyone something to think about. A monetary system based on production of real wealth seemed the only reasonable system.