The Guardian And Evening Star, with which is incorporated the West Coast Times. FRIDAY, JULY 28, 1933. SOCIAL CREDIT.

Hokitika Guardian, 28 July 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. FRIDAY, JULY 28, 1933. SOCIAL CREDIT.

The interesting series of articles .which have been appearing for some issues past, under the above caption, is brought to a close to-day. Those who have followed the series will have had some general enlightenment on public money and its ordered uses. The* adoption of social credit as far as possible is an excellent alternative to borrowing, though in each case it is essential that the money provided or raised should be expended wisely, the economic use of its credit is a wise procedure by the State, but there is always the consideration of useful expenditure to be taken into account, New Zealand once set out to provide cheap money by competing with the banks and lending institutions, and was successful in its objective, but since those halycon days, the process of lending was allowed to get cut of hand. The politicians went into competition of offering the electors the most attractive policies at the polls, and the upshot has been to liberal lending and on the now depreciated securities the country stands to lose an enormous sum of borrowed money, much of which it owes still and must go on taxing the people to keep* up the payment to the lenders. The wisdom of a check outside the political arena is therefore a necessity if ultimate loss i>3 to bo avoided. One difficulty of handling the money is to use it to economic advantage. Apparently the Unemployment Board is at its wits’ ends, for there is an absence of concrete schemes to use the ample funds levied for reproductive purposes. At the beet, the Board is able only to design schemes involving labour and which do not necessarily mean for a useful national purpose. A groat volume of the expenditure is going in unproductive work, though it provides a measure of relief and assists many to tide over a very difficult period. America is plunging lavishly in the effort- to set the world css on their feet again, and the State is incurring much debt for the purpose, and onlookers to the action are warning America where it is heading for. For this reason the cure of the position is not wholly political. Other brains require to be brought into conference, and the scheme of settlement must be planned on sound lines, or the later stage in general conditions will be worse than present considerations. There is no doubt much credit is to be derived from a wise use oi Government powers, and if works of a useful national character can he selected, men could be nut to work in considerable numbers to relievo the . nresent stagnation in the labour mar- 1 Wet. It is for -those i,n authority j whether through the Government or j its Board +o devise a system of wise i lending for 'wvroduetive purposes, 1 and New 7ealnnd will begin to stem ’ the tide of increasing unemnlovment. Tim railway policy was brought to a sudden stop solely because the I olv of borrowed monov reeled, but if the Railway Board with its exnoncnce could suggest a railway work of merit, there is no rmso., why th« j Gove-rmrme't should not finance on j social credit to nut the work in hn,>'l. , and create n asset with j the money while at the name time ) helping the genial labour situation. 1 r,, b > Government has mniy advisory i hoards in regard to the public do n l, j a”d ’ipon those sources "houb'l he able j to ohe-oso n.-oful menus whorebv fl I move could he made for nHkmal n d- i vantages to ho Mkon t l -" "''x-on* I monetary situation and possibility's, j