MONETARY SYSTEM

Hokitika Guardian, 23 May 1932, Page 3

MONETARY SYSTEM

MR RUSHWORTH URGES CHANGE A QUESTION OF CONTROL. (By Telegraph—Per Press Association.)

AUCKLAND, May 21

A large audience in the Town . Hall listened to an address by Mr Rushworth (Country Party, M.P., Bay oi Islands), in which lie urged the fram-, ing and adoption of a new monetary system in New Zealand. He declared' that the existing policy of • deflation was practically impossible to carry out, and, if pursued to a logical conclusion,, it wry Id destroy the sanctity of contracts. An alternative was to fit the monetary system to national requirements. This had been done in Sweden by putting the system upon a price index basis. The ideal monetary system would h© international and. failing that, an imperial system. In each case, tinquestion arose of who was to control it. He hoped the delegates at Ottawa would not return with a recommendation that the New Zealand monetary system should he submitted to the control by any outside, independent . authority. The meeting enthusiastically apprnv- I ed and the resolution, moved by Sii George Richardson, urging the setting up of a tribunal presided over by a Supreme Court judge to hold a full and open inquiry into the operation of New Zealand’s monetary system and possible alternatives to it.