MONEY & POLICY

Wairarapa Times-Age, 31 May 1938, Page 8

MONEY & POLICY

ADDRESS BY THE MEMBER FOR NELSON.

BORROWING AND CREDIT SYSTEMS.

(By Telegraph—Press Association.) NELSON, May 30.

The financial system was criticised by Mr H. Atmore, Independent M.P.~ for Nelson, in a public address ■’ at ; Nelson tonight. He said the production problem had been solved, but that distribution had failed through the absence of, adequate purchasing power. In an age of cheap production and ample supply, millions were suffering from want. The money system was man-made, and by man it could be altered so that financial facts faithfully reflected physical facts. Mr Atmore addressed a large meeting at the Theatre Royal as an Independent member’s contribution to political speeches now being broadcast under arrangements made by the Government. He was accorded an excellent hearing throughout. Mr Atmore said the actual power production of the world was equal to the labour of 13,000,000,000 men and could easily supply the needs of all the people, who numbered only 2,000,000,000 people. Discussing shortage of purchasing power, he said, national credit had not been tried in Alberta because the provincial legislature had been overruled by the Dominion Government. Many New Zealanders were beginning to object to the State borrowing for public works, which meant that it entered into debt, and paid interest for its own credit. Instead of borrowing £5,000,000 for public works, the State could issue £5,000,000 against its own credit, which it now pledged to private financiers when it borrowed. The Government must go the full distance for full utilisation of the national credit for the national benefit, otherwise rising costs would cancel out all the advantages.

A motion of thanks to Mr Atmore for his most interesting address was carried with loud applause, and the meeting concluded with the National Anthem.