To the Editor of the "Norrut-Ciuxa Daicy News"
Suj—Some while ago, when I remarked in your columns that a condi tion of economic depression seemed to have a stimulating effect on monetary cranks and faddists, Mr. Bennett Was upset, and responded with a wholesale condemnation of bankers, economists and several other classes of workers whose classification I have for the moment forgotten. With regard to the correspondence now proceeding on the subject of unemployment, it is, in my view, unfortunate that attempts should be made do delude people who are suffering hardships at the present time inia thinking that the whole social structure could be improved, and universal prosperity created, by a imple process of currency manipulation, when there are clearly so many contributory causes of the present world depression.
Mr, Bennett is at times prepared to support his contentions by quot ing, or rather referring to, a banker' dictum, 50 he will, T hope, forgive me if T draw attention to a remark of Mr. Beaumont Pease at the recent Annual Meeting of Lloyds Bank Limited. Mr. Pease is Chairman of that Bank, and has had a long experience not only of finance but also of commercial and industrial affairs. Referring to international exchange restrictions and their adverse affect fon the trade situation in Great Britain, Mr, Pease said:
"4g our well-being depends on trade and if trade 1s the exchange of goods between man and man and between Ration and" nation, these obvious 'Obstacles must be removed if trade fteain to follow freely. Surely "it is of necessary to look for some great thing' oF to babble of the distant vir~ ome cure at any Tate for the world's ScenamJeprony ts 20. obviously at would suggest to Mr. Bennett that he "divest himself of preconceived notions" and read Mr. Pease's whole speech, which he will find printed in. extense on page 19 "The Times" of January 26, 'As regards the argument contained in Mr, Pennett's letter of February 21, your readers who take an interest in' matters of currency theory may to have their attention drawn to 4 recent examination of one of the basic arguments of the Douglas school. Dealing with Major Douglas's lurider-consumption theory, Professor 'T, E, Gregory, a monetary expert of established international reputation, Me puts it in what the Douglasites all "the 'A plus B theorem, plus B theorems simply" thismyou Ban divide up the payments in society it were, he passes on. Douglas prove what the A payments Imust be Hess than. the 3. payments, Which is true, and, "therefore, "eon ludos that there never can be enough {fo pay for what Is being produced:
Text read from the printed page and cleaned; old type leaves the occasional error.