AN AUTHOR’S CLAIM

Hokitika Guardian, 27 February 1931, Page 5

AN AUTHOR’S CLAIM

MONEY REFORM, (United Press Association— By Electric Telegraph,—Copyright.) (Received 12.20 p.m.) LONDON, February 26. J. Taylor Peddie, a well known economist, money reformer and author of a book entitled “Dual System of Stabilisation” made an important discovery in the science of money, particulars hereof have been forwarded to the Australian Government. He claims the system permits of an expansion of currency to take place without inflation and also eliminates deflation from the currency. In other words, stabilises all implications of the quantity and theory of money. It is an improvement of the Federal reserve system, eliminating all defects therein disclosed during the last Stock Exchange boom in America. Interviewed regarding the Australian Loan Council’s decision to inflate the fidueniry issue. Peddie said he greatly regretted such an action, which was quite unnecessary. He was in sympathy with the objectives of the money reformers of Australia but lie strongly disapproved of the proposals considering the suggested cure would lead to irreparable disaster and considerable loss of credit to the Government of Australia. The first aim should be to restore the currency parity, and then sot about the reform of its central banking practice. Tiie Loan Council’s proposals should he deferred for four months, when the British Government Committee’s report on finance and industry would be available.