MONEY SYSTEM

Waikato Times, Volume 119, Issue 19904, 5 June 1936, Page 7

MONEY SYSTEM

I USURY AND INTEREST. i PRIMI MINISTIR'S VIIW. ! . i ‘ll.\.\‘DS MUST NOT BE TIED." ! (By Teiezrapn.---rresn AssnclnllonJ ‘ WELLINGTON. Frida)‘- i Further indications of the intentioni of the Government. not to deviate from i the development of a new iilliliitflai‘ system were onered In the committee‘ discussion on the Slate .\dvancrs [JUP- i norntion Bill in the House of impre—scntatlvcs )‘esti‘l'ila.‘" i "\\'e are not gains '0 mntinue the present system one hour longer than is necessary." said the Prime .\lin-i ister. the Right Hon. .\l. .1. Savage. “We want the power to do anything. There are a thousand and One things‘ that will crop up from time to time and we do not want to have to com? to the House for every little authority that is necessary. W‘e are 801‘15 ‘0 take tar-reaching powers and “‘8 “'1“ use them carefully. We will not pay I) or 6 or '7 per cent interest as was done by the last Government.“ i Mr H. s. 5. Kyle (Opposition—'i ltlccarton): “It: never paid interest at. that rate ‘ .\ir Savage: Look it up and you will ‘ ilnd that I am right. The day for usury ‘ has gone. i * “That to Douglas Credit." Mr R. A. \\‘right (independent— Wellinston Suburbs) : What is usury ‘2 Mr Savage: ii is lhe thliu: you lmvr. i supported ever since you came lnlo‘ this House i l Mr Wright: But I do not know what 1 t. is. Mr W. J. Poison (Opposition—Strat- l ford): The Prime Minister doesn‘t know either. 1 The Prime Minister: I do not. want‘ to try to educate the member for‘ Stratiord. It is well known that he in hopeless. i “The day of interest at 5 per centl is gone." continued .\ir Savage. “If I ; can live to see the day when thei credit at this country will be used for i the benefit at the people at the costi of providing that service 1 will bet satisfied." l Mr Poison: That is Douglas credit it you like. Mr Savage: 1 do not care what credit it is. it is common sense. i .\lr Poison: Douglas does not go as. for as that. 1 Mr Savage: 1 would suggest thati you take leave of absence again andi tell lhe farmers what I have said. They i will applaud me. not you. i i “Working for 'l'homulvol." i "We do not want our hands tied,"i continued the Prime Minister. “\Ve are going to keep our contracts with everynnv. but we will not make another rontract that will keep the farmers and others working for the people \\tlu control the money system. We will see to it that in the future the‘ people ut‘ this country will be working for themselves." "The Prime Minister is a past master at concealing his thoughts." said Mr \\'rlahi. "i do not know what he meal“ by usury, but some members' of the Government seem io regard all i interest as usury. therefore this clause W 5 usurious. Surely the Prime Minister does not mean that. it he believes that all interest is usury he should have supported the amendment moved by the member for Nelson lo provide costless credit and giving the whole thing to the farmers for nothing—without money and without cast. i i can only conclude that the Primal Minister believes a reasonable rate of! interest to be a fair thing. The extent to which the Government intends to operate under the borrowing powers conferred bv the Bill was explained by Mr Nashywhen replying. to Hon. A. Hamilton (Opposition—\\allace). who said the coun-1 try was entitled to know what limits! would be set. The .\iinisier stated that i whatever sum was required for With | ing on house-building srhemes and on I the development of farm lands would I hr the sum provided for under the par- ’ tirullnr\clause in the Bill. i . 2' Josh said that i! in ' . . be justiiled ethically it “35111:?! bceouolttl the (Hounds that it was a pavment to! a person who. having worked to rrcnlc i wealth. did not desire that wraith for himself and was. willing to have it hard for the good of others. l 'lhrrc was a division on the clausg which was retained by 47 votes to 20. i Loan- tor Development. I Mr W. A. Bodkin (Optimum;— Central Oialzo) moved an nmendnientl ‘l'l the clause empowerinz the corpor-i :ltion to make loans {oi-Who develop—i mrnt 0r establishment. or industrim‘ that the provision for thp poppnlhulf 1 to nrquirr sharrs to prolong n; in!” Ivi'vit' Ishould in: drlelcd. i ""is is an mirau- .. - vv ‘3“ M“ H- 5- 5. K\‘it‘mniqlllix‘tl‘iZlifl‘i‘lxt‘n‘ ‘ itirvurion , "but i suppog.‘ ”‘l‘. 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