Salient. Victoria University of Wellington Students' Newspaper. Volume 31 Number 16 July 16, 1968
It might be added that nowhere in the world have Social Credit policies been ap-plied in practice. Two states in Canada have had Social Credit governments but only in name. And if Social Credit policies are practical the United Kingdom government would have adopted these policies to extricate Britain from her economic crisis.
A Social Credit government, would according to Mr Dickson, create more of the nation's credit supply at no cost to the people, and private institutions would create less. This would be achieved apparently, by increased use of Reserve Bank Credit, interest free and possibly debt free, for government and local Body capital works. This is the essence of Mr Dickson's article but it contains a number of difficulties.
Firstly, what is to happen to the private lending institutions which at present advance the great proportion of credit in New Zealand? Obviously if the government through the Reserve Bank, is to create more credit, and interest free credit at that, some of these private instiutions will be forced out of business. Will the Trading Banks be nationalised? The Insurance Companies? The Stock and Station Agents? How much credit would the government control through the Reserve Bank?