The New Age – January 4, 1934 – No.: 2156 – Vol. LIV. – Pages 116-117
The Sydney “Douglas” Resolution.
Dear Sir, - We enclose herewith cuttings representing Press reports of the Douglas Meeting held in the Sydney Town Hall on the 14th instant, when over 3,000 people crowded into the hall and more than that number gathered outside to listen to the speeches.
The three morning papers gave space as follows: -
“A” is Sydney Morning Herald, 3½ inches.
“B” is Daily Telegraph, 1 inch.
“C” is Labor Daily, 4½ inches.
The only surviving evening paper, the Sydney Sun, gave no space at all.
Hon. State Secretary,
Douglas Social Credit Association (N.S.W.),
[The reports are reproduced below.-Ed.]
The aims and objects of the Douglas Social Credit Association were explained at a large meeting in the Town Hall last night.
It was announced that a cable message had been received from Major Douglas stating that he would arrive in New Zealand on January 30. A remarkable demonstration occurred when Mr. John Macara proposed that a copy of the meeting’s decisions should be forwarded to the King.
The meeting agreed to the following demands: That full use be made of the Commonwealth Bank to finance the nation; that all credit issued for national undertaking and services, including defence, be debt free; that loan credit, free of interest, be provided to local government bodies, manufacturers, farmers, and pastoralists, etc., on approved security; that a credit be issued to pay for a bounty on primary exports in order to bring oversea prices up to the average cost of production (including profit) in Australia; that a national dividend, based on the increasing productive capacity of the whole community, be paid (over and above wages) to every man, woman, and child, whether in work nor not; that the national credit be used to reduce prices to consumers by means of a subsidy, ensuring to vendors the recovery of full costs of production, and agreed margins of profits, thus preventing inflation, and increasing the purchasing power of money.
A copy of the demands is to be sent to the King, the Governor-General, the Prime Minister, members of the Federal Cabinet, members of the Federal Parliament, and the Parliament of New South Wales, and to each member of the Commonwealth Bank Board.
Douglas Social Credit advocates crowded the Town Hall last night, and supported a resolution urging that legislative action be taken to provide for a Commonwealth policy of finance on the lines of the Douglas system.
Copies of the resolution will be sent to the King and the Governor-General.
Demonstrating the extent to which the public, even outside the Labor Party, is awakening to the stranglehold exercised by the private banks over business and politics in the Commonwealth, a largely-attended meeting was held last night by the Douglas Social Credit Association at the Sydney Town Hall.
There was an overflow meeting which heard the speeches through amplifiers erected in the streets surrounding the building. Mr. S.F. Allen presided.
The vice-president of the association, Mr. J. Macara, said that for all fundamental purposes finance had subjugated the elected government of Australia and reduced the sovereign rights of the people to a sham.
In stressing the stranglehold that the banks exercised over the community, it was pointed out that practically all wealth had become mortgaged to these financial institutions, and, as an instance, that 95 percent of the farms had passed to ownership of the banks.
It was claimed that as the credit of the community was something created by the people, it should be used in their interest entirely, and not allowed to be manipulated by the private banks for profit.
It was decided to forward a copy of the Association’s declarations and demands to the King, the Governor-General, the Prime Minister, and members of the Federal Cabinet, Federal and State Parliamentarians, and members of the Commonwealth Bank Board.
The following is the text of the Resolution passed on November 14 last by the meeting at Sydney Town Hall, attended by 7,000 people.
That cruel and unnecessary poverty is being imposed upon the people of Australia.
That, for all fundamental purposes, Finance has subjugated the elected Government of Australia and reduced the Sovereign rights of the people to a sham.
That there is no physical reason why the people should not enjoy a standard of living commensurate with greatly increased ability to produce goods and services.
That the changes necessary are merely those of financial method and financial policy. Bank deposits and savings, the private control of industry, the property of shareholders, the daily habits of the people, and personal initiative need not, and should not, be interfered with.
That the Douglas Social Credit Association, while remaining non-party, and reaffirming its educational policy, will throw its whole weight behind such approved candidates as will fully support and advocate the following demands on the floor of Parliament:
That full use be made of the Commonwealth Bank to finance the Nation.
The all credit issued for National undertakings and services, including defence, be debt free.
That loan credit, free of interest, be provided to Local Government bodies, manufacturers, farmers and pastoralists, etc., on approved security.
That credit be issued to pay a bounty in primary exports in order to bring overseas prices up to the average cost of production (including profit) in Australia.
That a National Dividend, based on the increasing productive capacity of the whole community, be paid (over and above wages) to every man, woman and child whether in work or not.
That the National Credit be used to reduce prices to consumers by means of subsidy, ensuring to vendors the recovery of full costs of production, and agreed margins of profit, thus preventing inflation, and increasing the purchasing power of money.
And addendum to the Resolution was as follows: -
All credits will be issued against the real wealth and productive capacity of Australia, and will not be taken from savings or bank deposits, which must be guaranteed by the Nation.
By the foregoing policy industry will be enabled to sell its products at profitable prices, because consumers will have the money with which to buy. By this policy the burden of indebtedness can be removed, crippling taxation progressively eliminated, and the paradox of poverty amidst plenty ended forever