DOUGLAS CREDIT

Rotorua Morning Post, Volume 2, Issue 532, 16 May 1933, Page 2

DOUGLAS CREDIT

ROTORUA MEETING LECTURER THINKS NO GOOD >ROM ECONOMIC " ' CONFERENCE. ' CENTRAL BAN'K OPPOSED. The Douglas Social Credit scheme was the subject of an address to a public meeting which was' held in th'e Lyric Theatre on Saturday night, the Mayor (Mr. T. Jackson) occjjpying the chair. Although Saturday night is not the most convenient night of . the week for many people to. attend ' meetings of that kind, there was quite , a large and creditable turn out and they listened with fixed lattention to Mr. A. R. Allardyce's (the Dominion secretary for the Douglas Social Credit movement) address. The Mayor, in introducing the speaker, emphasised1 the great importance attaching to the suhject and . regretted that the theatre was not filled to capacity. - Mr. Allardycei preluded his lecturej j by stating that he could not possibly elahorate in detail the suhject matter 1 1 he desired to put before his audience, j land being governed by a time limit would have to confine himself to general principles. Those he would en- 1 deavoqr to explain simpiy as possible and refer those present to the ample literature now widespread throughout the world. He gave a brief account of Ma jor Douglas' career, during which he filled the most important and high positions as :an eminent engineer in India and in England, and acted as a trusted and scientific investigator for the Government into costing in numerous huge factories after the Great War. . At a time when thousands of millions of money were heing spent on destruction hy war, his work was delay- » ed iseriously by Scarcity of money" for ) important public* constructiv,© under- ■ takings. His experience and observal tion in such aetivities caused Major 1 Douglas to carefully enquire into the i manifest discrepancy between "costs" | and "purchasing power," leading up

> his formulatmg a theory las to a mse and , effect. He then put f orth' I Ls proposals to remedy the vast and | ery terrible suffering which has overiken humanity throughout the world y reason of failure to perceive the :ue cause thereof. Mr." Allardyce len explained every, clearly th'e ridige which must be crossed or built p to equate production to purehas- | ig power and vice versa. The lectur- i r then explained "Money and Creit" as created hy mere hook entries i the books of the hanks. He deaonstrated the restricted supply of aoney and credit to the detriment and urt of every kind of business, emiloyers, merchants and workers. The perations of banking in that way re.cted with cruel effect upon family Lfe and hy Malnutrition had a most laleful influence upon the child life if New Zealand. The remedy consist:d in making the ereation of "money" uid "credit" a State monopoly instead >f a monopoly exercised hy and for irivate interests. Mr. Allardyce made :eference to the international econonic conference which the Prime VCinister and his advisers have just .eft to attend. He istated that th'e rgenda paper for that conference wias prepared in January last and its contents were inspeeted by certain people here in New Zealand. The result is likely to prove abortive. | He took his seat amidst loud ap- 1 plause and subsequently answered numerous questions, after which the following resolution was carried unanimously: — "That this meeting of Riotorua electors desires to give its fullest expression of regret and disapp'ointm,ent in that there is still no evidenee of decision hy the Government to igive effect to any of th'e expert recommendations upon money and credit, including "Douglas Social Credit." It xegisters a firm determination tp agitate for a full investigation therefor, in conjunction with ia.ll the other approving surrounding districts, and correspondingly to oppose the estahlishing of "The Central Bank." The usual vote of thanks to the lecturer and chairman concluded an enlightening disconrse.