SOCIAL CREDIT CASE

Taupo Times, Volume III, Issue 146, 12 November 1954, Page 1

SOCIAL CREDIT CASE

\ _____ ^ PARTY'S POLICY OUTLINED \ Mr T. G. Burnham, secretary of the Rotorua Branch of the N.Z, Social Credit League, addressed a meeting of about seventy in Rickit's Hall on Monday evening last. Mr Burnham apologised for the absence of the party's candidate, Mr H. C. McCready, who had had to speak that night in Tokoroa owing to a misunderstanding as to halls. Mr Burnham received an atten-

tive hearing, and at the conclusion of his address spent about half an hour in answering questiohs. In opening his outline of Social Credit principles and policy, Mr Burnham stated that New Zealand was being steadily mortgaged, and that under the present loan system the national indebtedness was rapidly increasing per head of population. The - recent ten million London loan was yet another "steal," in that it was issued' at £98 giving the lenders a premium of £200,000 additional to interest payable. The Social Credit aim was to give the people access to the use and ownership of the products of their own skill and productive ability. Its Government would exercise full control of financial policy and the Reserve Bank. The speaker claimed that at any given time there was a wide gap between the total purchasing power in the hands of the people and tatai retail prices, and stated that this "gap" could and would be made good by the creation and issue, with safeguards, of sufficient debt-free money by the Reserve Bank to "fill the gap."

The Party if returned to power would approach the implementation of t.heir policy with prudence and caution. Immediate tax exemptions would be taken to abolish the wages tax, increase income tax exemptions and age and other benefits. Saies tax would be progressively reduced and finally abolished. Present indebtedness would be steadily "reduced. There would be no repudiation. Social Credit by real inducement would encourage expanded production s with increased prosperity for all. The meeting closed with a vote of thanks to the speaker, carried by acclamation.