The Social Crediter, Saturday, May 6th, 1939.

JTHE SOCIAL CREDITERFOR POLlTICAL AND ECONOMIC REALISM

.Vol. 2. No.8. Registered at G.P.G. as a Newsy.a.per.Postage (home and abroad) lid. SATURDAY, MAY: 6th_,1939. 3d. Weekly.

LETTER TO HERR HITLERPublication of the following letter, addressed to the Fuehrer and despatched through

a trustworthy channel, is authorised by Major Douglas.

May, 1939: ' .. ,'. ", ~.

Herr Fuehrer,As an' Introduction to the attached memorandum, * I would request permission to bririg

to the notice of your eminent self the following observations:-(a) While it is claimed, and 'is no doubt sincerely believed, that there is some conflict of

ideologies between the 'democratic' group of Powers and the Totalitarian group, thereis, in fact, no such conflict-all of them proceed equally from the fundamental assumption,which is no doubt believed to be indisputable, that full employment of their populationsis the test of success; Their differences are of method only.

(b) If this claim rests on a 'moral' basis, then it must be observed that it raises up practicalproblems which appear to be only soluhle by recourse to a war of mutual destructioncertain to result in anarchy and final subjection to a Transatlantic survivor.

(c) If, however, it is claimed that full employment is a practical requirement of an advancingcivilisation, it can easily be shown that the contrary is the case. While it is recognisedthat the present production of armaments in every country has been' forced by thegeneral assumption that unemployment is equivalent to economic destruction, it must yetbe obvious that the full employment which armaments provide is both temporary andat the same time perhaps the ultimate example of waste and inefficiency.

(d) This eniployment policy, which is here challenged, is now recognised to be inseparablefrom the Jewish Financial System.

(e) A simple change in this system would make full employment unnecessary, eliminate thecompetition for markets and destroy the power of the international. Financier-a powerwhich war only increases and which, if not destroyed, will destroy civilisation in Europe.

May I earnestly request that the present crisis may, in the key position in the historyof the world, which you hold, be used to force an exposure of this false and destructive policy?

It is indisputable that, if this were to be made the major issue of any such conference ashas been proposed, not only Germany but the whole civilised world would be united in supportof the action taken by you. Not President Roosevelt, but yourself, would be recognised as therepresentative of' all those values which are cherished equally in the so-called democracies andtheir artificially created antagonists,

Yours truly,

,/

V

r

* The memorandum here referred to was a copy of the 'Warning Europe' memorandum already published.

Page 2 THE SOCIAL CREDITER

LETTERS: To

The Labour Party andIntemational Finance

Sir,If any further evidence were

necessary to prove that, whetherconsciously or not, the officialLabour Party is the tool of inter-national Finance, Mr. Attlee, in hisBroadcast Address on the Budget,has kindly supplied it.

His contention is that, insteadof "borrowing", "a levy on ac-cumulated wealth" should besubstituted. "If the levy wereraised by the handing over ofsecurities which could then be sold,the amount to be borrowed forarmaments this year could be ob-tained without increasing theNational Debt." (Quotations fromTimes report).

Mr. Attlee must be aware (if heis not, he has no excuse for commenton any financial issue) that "Bankscreate the means of payment out ofnothing" (Encyclopaedia Britannica).

If securities were seized fromthe public and sold, who is going tobuy them-the public, which hasbeen taxed to the limit of itspurchasing power, or the Banks andInsurance Companies, who "createthe means of payment out ofnothing" ? .

In its attacks on what it callsthe capitalist system, the LabourParty has been the persistent ad-vocate of any policy which wouldenslave the general population toan omnipotent bureaucracy within international ring of credit-mongers in the background.

If this were not so, Mr. Attleewould advocate the distribution tothe general population (includinghis constituents) of National DebtBonds representing the sumsborrowed to balance the Budgetand carrying interest at 2i% (theBanks will, of course, "create" themoney and get 3i% for it).

But he knows quite well thathis Banker friends would soon finda new Leader of the Labour Partyif he did.

Yours faithfully.

C. H. DOUGLAS.

the Editor Theof

. Milk and the Cow's HealthSir

'Under the heading "Plus" in TheSocial Crediter dated 8th April, 1939,attention is drawn to the remark-able output of milk of a short-horncow. But is it really "Plus"?

Readers of The Social Crediterwho have farmer friends shoulddraw their attention to the resultof undue concentration upori pro-duction which is being forced uponfarmers by a defective monetarysystem, to the detriment of animalhealth. By thinking of animals interms of production we are openlydefying the laws of Nature. Inthe endeavour to obtain higher milkyields we concentrate upon thecharacteristic of a cow as a milkerat the expense of those character-istics which give a cow thestamina to resist the terrific strainimposed upon the animal.

This is one of the primarycauses, probably the primary causeof Tuberculosis in cattle, and forwhich a defective monetary systemis directly responsible. . .

J- CREAGH SCOTT.Lanqhill, M oretonham pstead, Devon.April, 1939.

The Present MoveDear Sir,

The importance of the lastparagraph of the editorial in theissue dated April 22nd, cannotescape any of us, but many of usfeel terribly in the dark.

What action is possible for oursmall and scattered band to takeagainst the forces capable of con-trolling the automata referred to inMajor Douglas's article.

IOn Budget Day a party ofSocial Crediters drove a motor carthrough the streets of London. Onthe car was an effigy of Mr.Montagu Norman topstriding aprivate soldier burdened with debt;the car bore the slogan "Conscript

.the bankers first."It stood unmolested outside

Downing Street, where it attractedconsiderable interest, and wasfinally driven to the City of Londonwhere the effigy and inscriptions

Social Crediter \. I,'

all. ~were torn to pieces by (ofpeople) the bank clerks.

Against this fatal automatismwhat can we do at this precisemoment?

Yours faithfully,D. RICHA'RDSON.

H aywards Heath, Sussex.April, 1939.

[The actions we can take are outlinedin the articles "Warning Europe" in TheSocial Crediter of April 29th and "TheCouncillors' Grave Responsibility 1nRegard to the Causes of War"· in thisissue.]

More InstitutionalismDear Sir,

The royal initials G. R. VI.,have recently been replaced byG.P.O., on the two, three and fiveshilling stamp books. This sur-reptitious change from a traditionalindividual to a slave-drivinginstitution has fine educationalvalue. We can already understandwhat serving Mr. W. means, butwe have to be induced to take astep farther and learn that citizen-ship requires us to entrust ourselvesto an anonymous Tax MarketingBoard.

Yours etc.,HENRY SW ABEY.

Hastings, Sussex; April, 1939.

If Man makes himself a wormhe must not complain when he istrodden on.

Kant.

ON OTHER PAGES

\'

THE BUDGET

Mrs. PALMER'S PAGE

MEANS TO GO ON

THE NEW GERMANFINANCE PLAN

. COUNCILLORS'RESPONSIBILITY IN

REGARD TO THECAUSES OF WAR

REACTION INSTEADOF ACTION

Page 3

THE BUDGETMore tax on cigarettes, more on. suqo«, a huge increase in the horse power tax of cars-that is roughly

its effect on us; and yet no business firm would dcre to produce a statement like the Budget.

Onoe again we. have beentr-eated to the annual cacophonythat. heralds the Budget. For atleast a. fortnight before the datefixed for its presentation, picturesappear in the papers of theChancellor of the Exchequer"preparing the Budget", of: hisbriefcase, etc, Articles appearspeculating on what "our nationalincome" is to be and giving gener- .ally ill-informed forecasts of whatfresh impositions and inquisitionswill be imposed' on us.

Just'as the .German's weaknessof liking~'to sitrut about ·in uniformis being 'exploited ito the full; so th.·eEnglishman's weakness of liking towatch a race and back the winneris' played up to; F0:F. weeks beforethe end of the fiscal year we aceexpected to watch -boeathlesslywhether- there wilt be a deficit orno-to Win .Surplus or' Deficit winthe Ani-l1!1:al Tax Stakes? The manin- the street rarely seems to realisethat this all depends on, how- muchis included in Expendi tur.e. If allof it goes in.. there is. a, deficit andif the Bank of· England shuts oneeye and allows sufficient outlay tobe treated as, capital.. i.e., paid, forout of loans, there is a surplus, It'sa bigger swindle than all-inwrestling.

Alr this -elaboration and beatingof drums is for the purpose of dis-tractirig the public's attention andof giving undue prominence towhat is rneeely a national petty cashaceoun t. If a ·ge'laluine income andexpenditure aCC0U-J.1J.·J; of the nationwas -drawn up;"the bank's trjckerywould IIDe ins-tWltly exposed. There-fore·· something else must besubstituted to hold the public eye.

The Budget, which wasintroduced' into Parliament onApril 25th, was aptly described asanother turn. of the screw. It is aswell. 'for. us to. remember. that youand I are the fruit which is beingsqueezed. Although. a wastefulmethod of financing genuine and

By D. T. D.

legitimate expenditure such associal services and essentialdefence, an examination of thefigures shows that a great deal ofthe outlay is entirely unnecessaryand merely tends to act as a de-flationary- measure, as a means forreducing our purchasing power.With its usual thoroughness TheEconomist of April 15th gives anexcellent analysis of the figureswithout going into unnecessarydetail. The Revenue, which meansthe sum that are extricated fromus consist in the main indirect and indirect taxation, In-direct taxation is represented byCustoms and Excise receipts, beingduties on imports and productswhich; are directly added to theprice we have to pay for them.Direct . taxation is, represented inthe main by Income Tax which islevied by direct assessment Ott theindividual.' For 1938/39· the in-direct Customs and Excise dutiestotalled, £340 million. The directtaxation including Stamp Duty,Estate Duty and Motor vehicleduties totalled £5.55 million. Thereare· about £100. million other re-ceipts being non-tax Revenue andRevenue from Post Office bringingthe total.levied on the people in oneyear to over £1000 million. Indirecttaxes are borne in the main by thepoorer classes of the people and thedirect taxes by the wealthierindividuals although a large part ofthe direct taxes are handed on inprice.

In view of the political situa-tion it is interesting to note thatamong the non-tax receipts, thereare £2 minion approximately fromeach of the holdings in the SuezCanal and the Anglo IraneanCompany.

It is when examining the ex-penditure that the nature of theBudget is evident. The totalexpenditure has risen from anannual outlay of approximately£66 million in the 1860's to about

£150 million in the early years ofthis century and to £1,322 millionfor the coming year. Th~ expen-diture on Civil Government which,of course, includes the RevenueDepartments and some A.R.P. out-lay comes to .£450 millionapproximately. The greater partof this represents Social Services.Of the remaining outlay, Mifitary,Naval and Air expenditure accountsfor £219 million and the NationalDebt services £246· million. Thelatter outlay cannot be defended onany grounds whatsoever as itrepresents interests and repaymentof capital on the lending tothe nation of the nation'sown credit. The militaryoutlay has increased enormouslyduring the last few years. Thisalso can be disputed as being anecessary outlay. In present cir-cumstances re-armament is necess-ary but those circumstances havebeen brought about partly by thepolitical policy pursued by theGovernments preceding the presentone and .entirely by the economicand financial policy pursued by allGovernments in this country so. far.The political tension is due solelyto the difficulties automaticallyarising from a faulty financialpolicy. I t will therefore be seenthat the general taxation of thepeople could almost immediately bereduced by a considerable amount,even assuming that this method offinancing the small out-of-pocketexpenses of the nation is correct.

Any Chancellor of the Ex-chequer worthy of the name wouldbring out a Budget which wouldshow not the petty cash outlay ofthe State but be a proper accountshowing the financial benefitsaccruing to the people of theUnited Kingdom owing to theirassociation as a nation. The Budget,instead of being another turn of thescrew, should be another distribu-tion of still further bounty, thebounty of nature and . of man'sachievement.

Page 4. .

THE ··SOCIAL·'CREDITER

Mrs. Palmer says

Speaking of the possibility ofwar in his address at Westminster,in 1936, Douglas said:

"I am confident of this, thatwhat survives of the world afterthe teext war, will reach a stateeither in which there will be nomonetary system at all, or onethat has been radically reformedin our favour.

"That is the highest note ofhope I can end upon. We havedone our best in the past twentyyears to warn the world, not onlyof what was coming, but how themechanism works that makes itcome. I do not believe that thatwork will be lost whateverhappens . .. And it is EVENNOW action that is our onlyhope."

As far as it is possible for meto judge the feeling of the move-ment, I believe that the firstreaction to the realisation of thefull meaning of the terrible positionin which we are to-day was one ofdiscouragement, perhaps almostbordering on despair. It wasbrought right home to us byBertrand Russell's speech at Cleve-land, Ohio. However frequentlywe had told ourselves in the pastthat we might some time be at war,we had thrust the possibility intothe background, and had come tobelieve that perhaps things would"come right" after all. Now hereis the reality almost upon us.Everything that happens, everyphrase we read in the papers onlytends to confirm the truth of hisprediction. It is upon us.

Speaking for myself, I believethis feeling of discouragement anddespair is a necessary stage throughwhich we must pass. We have gotto get down to bedrock and visual-ise every possibility, without thoserose-coloured spectacles that nearlyall of us wear at times. (They area necessity too, but only for theright occasions).

I know one splendid personwho calls this process "facingfacts", and I think perhaps that isthe best term.

By the time this article is inprint, most of us (including myself)

FAITES VOS JEUXwill have formed a pretty clear ideaof the alternatives that lie beforeus.

(1) There may be a war ofunimaginable ferocity, after which,let there be no mistake about this,very few of us will survive, andthose of us who do can expect littlepersonal happiness.

(2) Or, by means of untiringefforts, which must come [rom. thismovement, war may be avoided. Weshall find that we are not in a cul-de-sac from which the only exit isbackwards, but that there is a waythrough, by which in time we shallbe able to combine all that is bestin mediaevalism (the spirit thatbuilt Gothic cathedrals). with' acommand over our own environ-ment. Douglas calls this theAltra-Modernist solution.

Everyone who reads this pageIS faced with a certain choice. Itis impossible, of· course, for me oranyone else' to make any exactprediction as to what the result ofthe next. few months will be. ButI do say this, that each one of usis responsible now, at this verymoment, for giving his support toone side or the other. If we sitdown idly and abandon ourselves todespair we are simply helping thosepeople who want war. And thereare people behind the scenes whowant war. There is do doubt aboutthat.

To Meet YouMrs. Palmer will be glad towelcome friends on Wed-nesday afternoons from 3-5p.m., and at other times -byappointment at

4, Mecklenburgh Street,London, W.e.l.(first floor bell)

Seven minutes from RussellSquare Station, five minutes

from King's Cross.It is hoped that visitors toLondon wiII make a point ofcalling at that time. Teaand biscuits 3d.

"The Political Bureau IS

definitely convinced that a newworld war is inevitable, andexplains this as the obviouspreparation for a world revolu-tion." (Resolution passed in 1935by the Political Bureau of theCommunist International, afterbeing addressed by Stalin).

Ask yourselves what socialcredit means to you. If you"joined" it just because it wasusual to join interesting movements, .and it means no more to you thanthat, write to headquarters andresign your membership. .It willsave those who have given theirwhole lives to the cause the sick-ening disappointment of sendingout circulars which receive noattention from you. We want toknow just where we stand, exactlyon whom we can rely, and then weshall know what we can undertaketo do. One of the things that wesimply can't afford to do is towaste time, We have hardly anytime to work in. The situation istremendous in' its importance ..

But if you have decided thatsocial credit means something verydear to you, that it interprets andillumines life, that you would notfor the world go back to the dayswhen you had no key to the cruelriddle of existence, then you haveno alternative but to accept everyounce of responsibility that thisplaces upon you. And it is some-thing very concrete and realistic,as are all things in this movement.

We need workers, workers, andyet more' workers.

And we need money for liter-ature, and for other needs, so thatwe can arm our workers with asmany leaflets as they can use, andpay the other expenses that willarise as soon as they start on thepractical work which the UR.A.A.,is organising.

I don't plead for you to give asmuch as you can afford. I put itto you first as a responsibility andthen as a privilege that you aregiven this opportunity of fightingon the right side. I might, ofcourse, say that you are doing it tohelp yourselves; that in the case of

TH~ SOCIAI,. CREPITER' Page 5

war it is quite likely, more thanlikely; that the bulk of our savings,insurances and investments (if any)will disappear, so w.e might as welluse our money to good purposewhile we have any to use, andincidentally use it to our ownadvantage. But somehow I don'tfeel that aspect of the matter willappeal to you very deeply.

. Instead I ask you to think ofthe people at headquarters whohave been working at this greattask for a life time-who know asmuch about what can be done as itis possible to know, and who seeopportunities that they might beable to seize pass away, simplybecause they haven't the funds tofollow them up.

I said the impetus to stop warmust come from this movement.That to my mind is beyondquestion. It has been the task laidupon us for the last ten years. Ithink it is still true to say that,taking it all round, the progressmade by this movement has beengreater than that achieved by anyother group of people in so short atime, with so many odds ranged'against them. This,:to my mind,is because we have worked on theonly correct principle, loyalty toone another, loyalty to the end inview, and -. personal responsibilitytowards the desired result.

You will find that those whohave left us have gone because theyfailed on one or all of these threecounts.

Well, those of us who under-stand these things have simplygot to keep on keeping on.Supposing, as I feel sure we shall,we do put the every ounce of ourstrength into this last effort, andthen suppose we fail to stop thewar. The failure will not benearly so complete as if we hadnever made the attempt. Duringthese coming days of concentratedeffort we shall spread knowledgeabout the real cause of war tothousands of people, and this know-ledge will be carried over into thelife that will come after we havegone. It is impossible that thetruth shall not win in the end.

"I do not believe that thatwork will be lost whateverhappens ... And it is EVENNOW action that is our only

(continued at the foot of the next column)

POEMReply to Krishnamurti.

I thinkThat I have always beenIn love with life.For life has beenMy mother,And my mistress,And Life's handWill close my eyes in deathAnd open themUpon the further side,Upon that other scene;And there,Having Life's hand in mine,I shall look back,And forward,

. Still in loveWith Life,Still wrappedIn her embrace.So, come what may,I am content,Even tho' Life may proveThe hardest task-mistress,The veriest jade,The most exacting lover.I am hersCompletely,And my joy in herIncreasesWith the years.To be in love with Life! rNo words can tell

. The measure of that love(The ecstasy, its height,The deeps of peace),.Wherein is foundFulfilment of the soul's first

wish-To be at oneWith Life.

B. W. KITCHING.

(continued from column 1)hope."

Now you have finished readingthis there are two people for youto write to-first the Treasurer at12, Lord Street, Liverpool, to sendhim an increased contribution; andsecond, the Secretary of theD.R.A.A., who needs both work andmoney; but that you won't fail usI feel certain.

I make no apologies for thequotations from Douglas that runall through this article; in fact I'llend with another:

"The game is with. you. Ican do nothing but lay the issuesbefore you. Gentlemen, playyour game."

B. M. PALMER.

u.s. MONEY MEASURESIN WAR

Measures to prevent a moneypanic in the United States on theoutbreak of war in Europe werediscussed recently.

President Roosevelt, Mr. Mor-genthau, Secretary of the Treasury,and others took part in the talks.

The British and French holdingsin the United States are probablybetween £400 million and £800 mil-lion. These figures do not includegold holdings, which, it has recentlybeen calculated, show net Britishand French resources in the UnitedStates of between £1,900 million: and£2,400 million-"enough,'" a leadingWasbington economist thinks "toenable Britain and France to paycash for war purchases here over aperiod of two years."

One principal measure under-stood to have been discussed at theWhite House, was a plan wherebyeither the Government or a limitedliability company formed by banks,insurance companies and investmenttrusts and backed by the Govern-ment, would buy up foreign-ownedstocks and arrange for theirorderly disposal.

RECIPESoft Dark Gingerbread

1 lb. flour.5 ozs. sugar.3 teaspoonfuls ground ginger.1 teaspoonful baking powder.1 cupful stoned dates.1 cupful chopped nuts.

Mix together the above dryingredients and add them to-

4 eggs, well whisked.4 ozs. creamed butter.1 small cupful milk.2 cupfuls Fowler's treacle.

Bake in a moderate oven from50 minutes to an hour. Ifnecessary, place a piece of thinpaper over after 50 minutes, andbake in cooling oven, tillthoroughly dry. An hour and aquarter should. be. the maximumtime for baking.

From Miss B. W.· Kitching,South. Africa.

Page 6 THE .SOCIAL /CREDI'fER

THE SOCIAL CREDJTERThis journal is the official .organ of the Social CreditSecretariat, which is a non-party, non-class organisationneither connected with nor supporting any political-party,Social Credit or otherwise.

SUBSCRIPTION RATES:Home and abroad, post free: One year 15s.; Six months, 7s. 6d.;

Three months 3s. 9d.Vol. 2. No.8.Saturday, May 6th, 1939.

12, Lor.d Street,Liverpool, 2.

Scarcely a day passes withoutthe cleavage between the realforces in society becoming plainer.Herr Hitler speaks for 'his' people;Mr. Roosevelt for 'his' idealisms(which are Wall Street's); the'British' press speaks for itsmasters; on every hand one hearsthe people learning to speak forthemselves.

On all hands one. hears surpriseexpressed that 'they're taking it soquietly.' Privately, one knows thatyouth is in consternation; but'what can we do?' Herr Hitler'sspeech, said in Germany to havebeen the greatest of his career, hasmade a difference. The 'inch' ofaccess, reported to be Mr. Roose-velt's estimate of the room it offersfor peace, may yet be the inch ofthe thin end of the wedge. TheFuehrer castigated the AmericanPresident. No American Presidenthas ever been so handled by thespokesman of a great nation; butHerr Hitler named the forces thatare making for world war. Theargument comes out into the open,and, once there, there is no one canguide it more swiftly and certainlyto the full revelation of the truth asit is applicable to the life of modernstates and peoples than what iscalled the Social Credit Movement.

But at this point in a crisiswhich is without question thegreatest with which man in societyhas ever been confronted there isat least one domestic observationto be made.

It is not right that this vastundertaking should have to beconducted on an income which,regarded as the means of financingthe life of a single individual, wouldbe no more than a modest compet-ency. That is what is being doneat present. The expenditure ofthought and energy necessary tomeet the opposition to the attain-

ment of a workable order of societysuccessfully is, hrj;eHy but compre-hensively, all that can· be madeavailable. To spend any of itupon cutting and contriving is towaste what is already perilouslyshort in supply. .Battles are notwon by either the expectancy or theapplause of bystanders howeverencouraging both may be in theopinion of those who are not doingthe fighting. Estimated in financialterms, the real wealth of creativeeffort contributed by a few membersof the 'movement' is nrany timesover the total financial contributionfrom themselves and from all therest. . .

This is not due exclusively tothe inability of individuals tomonetise themselves. It is due inpart at least to the traditionalelevation of money into a positionof priority, to veneration of theshadow and neglect of the sub-stance. The weight of socialcredit goes to adjust this falseperspective; yet it is of little availif in doing so it carries the mindsof individuals into an economymost ardently desired but as yetunborn. A sufficiency of money isnecessary, and if it is not forth-coming a dangerous curtailment ofour activities may be forced uponus. The responsibility forsquandering the slender .resourcesopen to the movement in futile andmischievous escapades can beallocated by anyone whose eye isupon events; but assignment ofresponsibility does nothing toavert or to repair. Miracles havebeen performed under Douglas'sinspired guidance; but if the finalvictory of mankind over tyranny isleft to miracle to accomplish, victorywill itself be worthless and insipideven if it should occur. Practicalopinion is that it won't.

:Bankers in SantiagoThe land of Santiago is in the

hands of half a dozen big proprie-tors, and they in their turn are inthe hands of the Bank. I neverheard a good word for the Bank,which has a monopoly in theIslands and has practically given upperforming any of the functions ofa bank at all, simply confiningitself to managing the propertieswhich fell into its hands during theslump. 'It does not even discountdrafts, and it makes no transfer-ences of' currency, so that 'theCapverdian merchants cannot paytheir 'creditors in Europe, can 'getno supplies, and have to close down.

-From "Black and 'Whife makeBrown" (pp. 125-126) by ArchibaldLyall'.

CrisisThe Budget contains the

Treasury's usual annual assuranceto the Bankers .that their dear, dear(very dear) Chancellor will neverlove anyone else.

The people make the goods andthe Bankers use them to furthertheir policy. The people pay foras many of the goods they don'tget as their money permits, andowe the Bankers for the rest, pay-ing annually while the Bankers usethem up and then all over again, topayoff the money 'the Bankerscreated out of nothing.

I th'n't finance wonderful?

* * * *The Leader of the Society-for-

Pulling-the- Bankers' -Hot-Chestnutsout-of-the-fire (Labour Party,previously Liberal "Party) thinks"the people ought to pay more nowfor the goods they don't. get, sothat they would be able to buy lessof the goods they do get.

Ith'n't the S.P.RH.CF. wonder-ful?

SOCIAL ·¤RE'DIT SECRETARIAl'(Chairman: 'Major C. 'H. Douglas)

T. J.

Director 'of Overseas 'Relations:Mr. M; C. Bond. : '

Assistant; Director, Lectures ~and, Studie$ :Seetien:

Mr. J.' M. ,Bmmmitt.

'RIE'~,IAL ·CREDITER Page 7

THE NEWDetails of Germany's new

finance plan are given in an articlewhich appeared in Freies Deutsch-land, an organ of the Germanopposition, for April 15.

Not inappropriately, the news-paper heads its article, "The NewFinance Plan; or: 'What Shall ITeIl My Children ?'"

. The newspaper explains that asa result of the Reich's foreignactivities, military and political,during this last year, she has in-creased her financial needs by manymillions of marks. For the lastsix months taxes and loans havebeen insufficient to cover expendi-ture. The short-term specialTreasury Bins which were issued inaccordance with Schacht's planafforded no relief, since they wereto be liquidated from the proceedsof loans.

The 'straight-forward issue ofTreasury Bills was impossibleowing to the danger of a seriouspanic at the .prospect of inflation.

jl At the centre-point of the new plan,~ therefore, stands a new method of

financing, not with Bills, but withTax-bonds. The state is nowissuing paper having the function ofcurrency, which later returns to theTreasury to be accepted as money.This supplementary form of.currency consists of tax receiptswhich the state issues to manufac-turers against goods or services, andrwhich the holder can later use inpayment of taxes. These tax-bonds are negotiable.* The man-ufacturer must accept them up tothe value of 40% of any invoice.Their issue .is not' limited to

- Government Contractors but ex-tends to all contracts and otherdealings of industrial undertakings.

The bonds are divided into twocategories:

Type 1. These bear no interestand may be accepted in paymentof taxes after seven months fromdate. Certain advantages accrueto those who hold them for alonger period, the advantagebeing greater the longer the <,period they are held. The holdercan claim a rebate of income tax

* It is not, however, made clear whetherthey correspond in status to what inEngland is legal tender.

GERMAN FINANCE PLANon an amount of income equal to

20% of the value of the bondsafter a. period of ten months.2:5% of the value of the bondsafter a further period of 1 year.30% of the value of the bondsafter a further period of 1 year.35% of the value of the bondsafter a further period of 1 year.Type 2. These are accepted in

payment of taxes after a periodof 37 months from date. Theycarry a supplement of 12% whichis added when they are used toliquidate taxes. Thus theyappreciate at the rate of 4% perannum.

In connection with these bondsthe holder has a right of 'Valuationof depreciation' up to the face valueof the bonds. He can write off thedepreciation on certain forms ofindustrial plant up to the full 100%immediately, and thus reduce histaxable income by this amount.Increase in income is not subject toexcess-profits tax if it is used toexpand or renew plant. It isfurther released from this tax tip tothe amount of the normal figurefor depreciation in the next year ifanything should remain to bewritten off.

Further, the total income ab-sorbed by any necessary expansionof certain industrial plant is freedfrom the excess-profi ts tax.Necessary expansion consists, ac-cording to Herr Reinhardt, theoriginator of the plan, of anythingneedful for defence, for the 4 YearsPlan, or for anything required onnational-political grounds.

The Freies Deutschland putsforward the following criticisms:-

(1) Those manufacturers whocannot wait until the Treasuryaccepts the bonds in settlementof taxes will .exchange themagainst goods, if goods areavailable. They will thus in-crease that demand for goodswhich, it is alleged, many of theindustries in the Reich areunable to satisfy. The result"would be a real deficiency.This would lead to profiteering,a fall in the value of money,and thus to inflation."

(2) -It is suggested that in 3

years, when the Type 2 bondsbegin to return to the Treasurythere will be a serious fallingoff in revenue. [When aTreasury hands over money incancellation of loans, revenue"falls off", but this is not whatthe newspaper means.]

(3) Naturally the manufacturerwill write off up to the limitpermitted, and tend to keepbonds of category 1 in the safeand even to buy additionalbonds in order to keep his in-come tax down to the minimum.He is likely to throw otherGovernment Paper on themarket in order to purchasethem. This will lead tofurther loss.

(4) Excess profits will be spenton renewal of plant in order tokeep money out of the hands ofthe tax-collector.

(5) The exemption from taxgranted to income utilised infurthering schemes of national-political importance provides aback door to tax-evasion. Themanufacturer will be driven inthe direction indicated so clear-ly to him-expand, build, buy.The result will be a flight inreal values.

The originators of the scheme claimthat:-

(1) Real and ideal values will becreated which will ensure thefuture of the German people anddevelop their greatest valueonly for future generations.(Reinhardt 25-iii-39).

(2) Loans bear interest and theburden of interest paymentsconsumes future taxes. Finan-cing by means of loans alsorepresents an anticipation offuture taxation. A loan doesnot differ, in this respect fromthe tax-bonds.

(3) The technique can be utilisedfor several years, because themoney so created will only beused up after some decades,when the great. national-political task of assuring thefuture of the German people isaccomplished, and the economic

(continued on page nine at the footof column three).

PageS THE SOCIAL CREDITER

• Space reserved byTHE UNITED RATE,PAYERS'

Secretary: John MitchellADVISORY ASSOCIATION \",,-

Sentinel House, Southampto n Row, London, W.C.t.

Councillors' Grave Responsibility in Regard to Causes of WarBy JOHN MITCHELL

At the present time councillorsin some fifty towns in Great Britainare being confronted with a signeddemand from ratepayers for:Lower Rates with No Decrease inSocial Services. In some of thesetowns this demand is already underdiscussion in the council chamber,and the practical means of achievingit is being' carefully considered bycommittees and sub-committees.

The point which it is desired tomake here in regard to this matteris the tremendous responsibilityshouldered by every councillor whotakes it upon himself in any way toobstruct, delay or oppose the naturalcourse of this demand.

It can be stated quite clearlynow that the connection between'lower rates and War in Europe isvital. The reason is that theelimination of the bulk of loancharge payments now extractedout of the incomes of rate and tax-payers' would expand purchasingpower; and expansion of purchasingpower will relieve that pressureon the international market whichis the basic cause of War.

A start has to be made, and inthis connection the electorate haschosen to make its first demands onLocal Authorities. If councillorsdo not support this demand they areobstructing the removal of thecauses of War. By not supportingand forwarding the demand of theirown electors they are, therefore,accepting a very grave respon-sibility.

War an Extension of Trade WarThe basic cause underlying the

political antagonisms which result-ed in the last war was the fightamong the nations for exportmarkets. On all sides this has beenadmitted.

Nothing has been done sincethe last war to remove the causesof this Trade War. It has gone onever since. The elaborate barrierserected by all countries to restrict

imports, and the complete lack ofbarriers in any country to restrictexports, coupled with the endlessintensification of efforts to increaseexports, are in themselves convin-cing evidence of a fight for exports.

The matter has been clearlystated in a resolution passed thisyear by the Southampton Chamberof Commerce:-

"That in the opinion of thisChamber the chief menace tointernational peace lies in thegrowing struggle among thenations for a share of a grea.!lydiminished and still diminishingvolume of export trade; and thatin these circumstances it isurgently desirable that H.M.Government should take immed-iate steps to relieve the situationby facilitating a much neededexpansion of the home market."

The immediate causes of thepresent tension in Europe have beenmade very evident by, among manyother things, the comings andgoings of the representatives of ourown and other governments inEastern Europe in open rivalry fortrade agreements in the Balkans.It has provoked the bitterest re-crimination on all sides.

Consider a recent leadingarticle in The Times. On Saturday,December 3rd, 1938, discussing Mr.Hudson's review in Parliament ofour export trade The Times said:

"These methods, which werefirst introduced by Russia,causing at the time a great out-cry at Russian dumping, havebeen developed and elaboratedand refined by Germany andhave been forced upon theattention of even the most in-different by the German drive toestablish what would comedangerously near a monopoly inthe trade of the Balkan and NearEastern countries.

"The Government, he (Mr.

Hudson) said, had made a surveyof all the means by which. thiscompetition could be met; andthe only way they could see wasthat our industries should soorganise themselves as to be ableto speak as units to their oppositenumbers in Germany and say,"Unless you are prepared to putan end to this form of treatment,unless you are prepared to cometo an agreement to sell yourgoods at prices which representa reasonable return, then we willfight you and beat you at yourown game."

Could anything be clearerevidence than that statement as tothe direct economic causes of an-tagonism in Europe? War is onlythe substitution of military weaponsfor economic weapons.

Now listen to President Roose-velt's New Year message toCongress. He said: "All about us

Books to ReadBy C. H. Douglas r-«

Social Credit 3/6

The Alberta Experiment 5/-

The Monopoly of Credit '. 3/6

The' Economic Crisis.Southampton Chamberof Commerce Report ... 6d.

The Bankers of Londonby Percy Arnold , 4/6This book does not deal withthe subject of social creditbut contains valuable datafor those wishing to under-stand the location of powerin the modern world.

THE SOCIAL CREDITER

rage undeclared war, military andeconomic. All about us grow moredeadly armaments, military andeconomic. All about us are threatsof new aggression, military andeconomic."

Those who are sincere in theirdesire for peace are bound to face

.. the FACT that whatever may besaid in criticism of the methodsused on either side in this TradeWar, there are basic economiccauses inside every country whichdrive them into competition.

First StepThe imperative need is to

lessen this pressure of competitionin the Export Market; and thequite obvious solution is to expand.the purchasing power of the homemarket.' -

This fact must pe faced:-£330,000,000 of the annual

national income is absorbed in loancharges on Public Debt.The figures are-

Loan Charges on the LocalGovernment Debt £100,000,000Loan Charges on the NationalDebt ... ... ... £230,000;000

£3'30,000,000

This £330,000,000 of theBritish consumers income, whichwould have been spent with theretailer and taken goods off theHome Market, is spent instead onloan charges; and the surplus goodsOn the Home Market which thismoney would have hought have to

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AUSTIN MORRIS FORDSINGER FIAT OPELThe finest and largest stock ofimmaculate used Rover cars.We do a large used car businessand often have real bargains at verylow prices. .Everyone knows thelucky motorist who "picked it up"for £20.It wa~ probably at Ernest Sutton'.

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Page 9

be exported, restricted or destroyed.

It is true that a small propor-tion of these loan charges find theirway back to private investors asdividends. But the bulk of PublicDebt (85%) is held by banks andother financial institutions, whohold the stock either directly intheir own name or through nomin-ees (a form of concealment).

A large part of the loancharges taken out of the income ofrate and taxpayers which is paid tofinancial institutions accumulateas capital and reserves. The goodswhich this income would havebought are thereby forced into theexport market.

Inspection of Local Govern-ment Debt Registers has revealedthat over 90% of the debt is held byfinancial institutions or theirnominees.

A large part of this debt iscreated costlessly by banks. Theevidence in regard to this is in-contestable. (see EncyclopaediaBritannicr Branch Ban/ling and Mr.McKenna's speeches, and otherauthorities).

The Simple Effort Required fromCouncillors

Let there be no mistake aboutit; whoever stands in the wav of arectification of this position istaking on. an extremely graveresponsibility. He is perpetuatingconditions which are the basiccause of war.

.The time has come when thosewho are standing- in the way of asettlement of this matter must beprepared to proclaim publicly thatthey are doing so.

The ratepayer has made hisile'11::tlH{ on each councillor, Thesimple task of each councillor is tojoin with his fellow councillors andpass the demand .on to the banksfor the provision of credit onreasonable terms. (A service feeof one pavment of t per cent. to 1per cent. is ample to pay the banksfor the credit they create) ..

Let councillors take stock ofthe measure of the tremendousresponsibility which is theirs if theydo not forward the demand forlower rates with no decrease in

social services.Who is obstructing this urgent,

this imperative demand?J. M.

TOO HOT TO HOLDThe prevailing impression among

councillors who have' been confrontedwith a demand for lower rates with nodecrease in social services amounts tofunking the responsibility of dealing withthe matter: the passing on of a demandto the banks for costIess credit. That isone of the basic causes' of the delayswhich the Rates Campaign is experiencing.

The plain fact is, of course, that theresponsibility incurred by individualcouncillors who, by not supporting thedemand block its progress, is far andaway graver than supporting it. Theabove article is written to demonstratethis. It is available as a circular pub-lished by the U.R.A.A., for distribution tocouncillors, Chambers of Trade andbusiness men. Copies can be obtainedfrom the U.R.A.A., at 2/- per dozen. Itis probable that this action will makemany councillors change their mind andrecognise that by not supporting thedemand they are accepting a responsib-ility too hot to hold, and that it would bebetter to "pass the buck" on to thehanks.

Linking up with this and the universalfeeling of strong aversion to war, theU.R.A.A., is publishing a short leafletentitled "The Councillors of This TownCan Prevent War." This is for ma:ssdistribution among the public and its aimis to make people watchful of thoseindividual councillors who are holding upchanges which will prevent war.

This is a grand onportunity for allthose who want peace. Get busy now!

(continned from page seven)condition of the Reich will besuch as to permit of the readyacceptance of the bonds inpayment of taxes.The newspaper points out that

a somewhat similar scheme wasintroduced by Von Pap en with hisemergency order 'For the stimula-tion .of industry' on September 4th.1932. This proposed th~t taxpayersshould receive 40% of their taxesback again in . the form of tax-bonds. As these were negotiablethe holder could recover the 40%in currency.

Both criticism and defence havepoints of interest. . Debt-freeproducer credit is, however, aconsiderable step forwards, and itsworking will provide an object-lesson in favour of debt-freeconsumer credit. Now is the timeto say: 'But we could do better inEngland' !

Page 10

ACTlON

To read pacifist literature" is torealise the hopelessness of theattempt to deal with the problem ofwar from the emotional and ethicalangle alone.

The horror and aversion pro-voked by modern warfare is un-questioned. If it was only feelingthat was needed to provoke action,there is lashings of it. But thetruth is, it is understanding alonethat is active in any real' sense.Emotion is a force that must becanalized, like any other force,before it can become effective, andnothing but knowledge can do that.

I am not pretending here togive a critique of Canon Raven'slucid and excellently written book.It is well-worth reading for theimpartial manner in which it givesboth the pacifist and anti-pacifistpoints of view. In fact, if a dis-passionate atmosphere were all thatwas needed to enable one to makeup one's mind upon this knottyquestion, here it is. But the pointwith which I want to deal is thefact that when all is said and doneand we close the book, we are notone fraction of a hair's-breadthnearer to a state in which we areable to do anything with, or aboutthe fact of war. If we can discoverthe reason for this, I feel we mayhave the clue to the ineffectualitvof the entire Peace Movement andof the nation's efforts to ridthemselves of the menace of war.

Although the title of CanonRaven's book is War and the Christ-ian, his primary concern is, naturallyenough, with the attitude of theChristian Churches towards war.He feels that they ought to be able togive a lead to the community. But noone can hope to lead where he doesnot know the way. If. the Churchesknew the secret of the peace theycould present a picture of it to setconclusively against that of war;but on their own admission, theyare unable. They cannot evensettle their own differences. Howthen can the blind expect to leadthe blind?

Here is an extract quoted by

*"War and the Christian," by CharlesE. Raven, DoD. (Student Christian Move-ment Press).

INS;fEAD OFBy NORMAN r, WEBB.

Canon Raven from the Report ofthe Oxford Church Conference, heldin July, 1937:

"Wars, the occasions of war,and all situations which concealthe fact of conflict under theguise of outward peace, areincidents in a world to which theChurch is charged to proclaim theGospel of redemption. War in-volves compulsory enmity,diabolical outrage against humanpersonality, and a wanton dis-tortion of the truth. War is aparticular demonstration of thepower of sin in this world and adefiance of the righteousness ofGod as revealed in Jesus Christand Him crucified. No justifica-tion of war must be allowed toconceal or minimize this fact."

After that there is surelynothing more to be said. Thisdisease we call war, stands utterlycondemned. And yet, if we do notknow the cause of it, what can wedo, other than to say that it mustbe stopped,-invoking : physicalforce, (the only resource of ignor-ance) against that which is itselfthe ultimate show of physical force.And that is in fact what the pacifistmovement does. It can do no other.For, if after what we have quotedabove, the Churches can find' nopoint of agreement, even' as to thefirst step to be taken, it must bethat some catalyst, other than mereemotional reaction away from thepicture presented, is required toresolve their differences.

Is the ethical approach to theproblem to be utterly abandonedthen? Must we adopt the defeatistattitude of the Archbishop of Yorkand place our whole reliance on"big guns",-arguing speciously thatProvidence helps those who helpthemselves? Presumably, if youhave the guns, big and plenty, Godwill direct the fire!

Such entire lack of faith in thepower of the spirit to meet humannecessities may not be very inspir-ing, and Canon Raven is veryproperly shocked. But let us seewhat is Canon Raven's alternative-his Middle Way, as he puts it.

"Constructive peace-making,

the building up of internationallaw, of a central and supernationalauthority, the removal of griev-ances, economic and financialreconstruction, cultural advancesand similar activities, must be themain concern of Christian states-men; but to safeguard such ·taskstheir is surely a use of force whichmay be truly hallowed." (My in-voluntary italics).

It is not easy to conceive of amore jesuitical bit of reasoning.Surely Canon Raven can see that-there is no Middle Way, in thesense of relinquishing one's beliefin the natural order of thing,s,-1nGod, if one is minded to put-it thatway. Such a sentence comes tome with a real shock; in a book upto this point so general1y clear andhonest.

And its final chapters are how-ever, full of pacifist catchwords:-"Supernational authority," "inter-national police"; all, presumably,"hallowed" by the worthiness of theobject. ~

To. those of us who have theadvantage of Major Douglas'sphilosophy, this will present itselfas an example of the depths towhich an intelligent mind can belead by an inability to face whatstands straight before it. But twistand contort and philosophise howyou will, facts will defeat you in theend if you don't accept them. Inspite of his shocked disagreement,Canon Raven is found back againwith the Archbishop of York andhis big gUns,-guns built with thedesperate intent of blowing dis-tasteful facts to .pieces, There isno getting round it: force is force,whether it is manifested throughnational armies or a "world police"controlled by the Bank of Inter-national Settlements.

This I am convinced, is thesecret of what is called "thOefailure

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THE SOCIAL CREDITER Page 11

of religion." It is simply man'sfailure to adapt himself to a new

# order of things, to a fresh set of-=tI facts, The Christian Churches and

the so-called Pacifists (for thosewho advocate the enforcement ofpeace are fundamentally neitherpacifist, nor are they Christian),have no new contribution to bringto the solution of this problem ofwar, for the reason that they refuseto lace the search for the real causeof it. If the Church is to lead inthe abandonment of the belief inwar as a means to anything (except

.,. national self-extinction), it must• first become factual. It must come: out against those very abstractions• -disarmament, collective security,

internationalism-that are centredin the League of Nations, and whichrequire ultimately an exclusivecontrol of the physical forces of theworld for their defence against thepowers of fact. In the words ofSt. Paul, quoted by Canon Raven:"iN e wrestle not with flesh andblood, but against principalities andpowers."

In what, then, has this genera-tion failed to conform to new facts?

~ It is upon that that the Churchneeds to concentrate if it is to assistin leading civilization out of itspresent soul-sickness. A littleconsideration will assure us that itis not war. The form and methodsof warfare may have changed,become ten times more crude andr epulsive : but war itself is no newfact. There is, however, oneoutstanding fact in the worldto-day, superficially unrelated towar; one fact among several, withwhich the philosophy associatedwith the name of Major Douglasdeals, and that is the fact of plenty,potential economic security for all.And I make no apology whateverfor stating my belief that unlessthe individuals composing societybecome informed, consciously orunconsciously, with the realismcontained in the social creditphilosophy, world-wide war cannotbe averted.

The concern of social crediters,as most of the readers of thisjournal are aware, is not in anyway directly with war. What thePacifists have to learn is that waris not fundamental, but merelysymptomatic. Social credit con-cerns itself primarily with thefreedom of the individual, based on

access to the means of subsistence ;in other words, with distribution,with what Francis Bacon, one ofthe great realists of all time, calls"preservation." It is true that"man does not live by bread alone,"but any attempt OIi the part ofthose calling themselves Christ'sfollowers, to dissociate spiritual andmaterial bread, in the face of theenormous potential plenty of powerproduction, is simply a cowardlyrefusal to face the primary fact ofmodern times, and in starkcontradiction to the example ofChrist himself.

Those bodies, referred to byCanon Raven generally as theChurches, along with all the variousPeace Movements, might be saidto represent the entire nation. Ifonly they could be got to removetheir gaze from military warfareand its horrors, and concentrate onthe no less horrible, if less sensa-tional, economic warfare, that is itsprelude, they would find that theywere dealing with somethingactually within their power toinfluence.

The arguments in favour ofthis course are really not answer-able. For economic warfare' takespriority of place to military warfarein the natural order of things, andtherefore it is through it alone thatthe problem of military warfare canbe even approached. And further-more, the economic problem isinescapably all about us, andtherefore, it can be got at ..

In that last fact, possibly, liesthe cause of the whole deadlock.The Churches and Peace Move-ments need to be alive to thatcommon human failing of avoidingthe obvious and immediate thing forthe very reason that it is both ofthese things, and therefore demandsimmediate and positive action.

NORMAN WEBB.

From Ereignisse und Gestalten,by the Kaiser Willhelm II, publishedin 1922:-

"It must however be said thatJohn Kenneth Turner in the bookalready mentioned, "Shall It BeAgain ?", shows from the extensivematerial at hand that all Wilson'sreasons for bringing America intothe War were pretences; that, hereally acted only in the interests ofWall Street high finance."

"Another Little Debt Won'tDo Us Any Harm!"

At the present time the aggre-gate State and municipal debtamoun ts (as already stated) roughlyto nearly one quarter of the entireestimated national wealth, and thecombined tax and rate burdens ofthe country to an equivaleritpercentage of the national income.Another war upon the 1914-1918scale would rapidly expand thecombined indebtedness to a figureequal to more than half the entirenational wealth-and the tax andrate burdens correspondingly. Sowill another decade or thereabouts of"war preparedness" at the presentincreasingly accelerating pace-evenif no war comes; and should a worldconflagration then break out, thecountry's "solvency margin"would in a very few years be re-duced to decimal proportions, orcompletely swallowed up. Thereare, of course, many devil-may-careroysterers who blithely hold theview that "another little debt won'tdo us any harm," but even thesethoughtless optimists will changetheir tune when they find them-selves working nearly three weeksout of every month just for thepleasure of paying rates and taxes.

We cannot better illustrate thispoint than by quoting the remarksmade a few years back by the lateMr. Arthur Kitson, the mostresolute and implacable of· ailopponents of many aspects of post-war finance:-

"our national debt on March31st, 1919, was £7,434,949,429.From 1920 to 1933 inclusive therehas been paid in interest chargeson the debt £4,288,925,186 ... Inspite of this, our national debt onDecember 31st, 1933 (includingour debt to the US.A.) was£7,947,000,000, being £512,000,000more than the original debt ofMarch 31st, 1919. In other words,the nation has paid on account ofthe debt and interest charges thesum of £868,000,000 more than theoriginal debt of March 31st, 1919,without reducing the original debtby one shilling !"

- From an editorial in the Aprilissue of "Builders' ]1;1erchantsJournal."

Page 12

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LIVERPOOL Social Credit Association:A 'Lower Rates' Evening at Jenning'sCafe, (corner of Taggart Avenue, Child-wall, at 8 p.m., May Sth, Enquiries toHon. Secretary, Green Gates, HillsideDrive, W oolton,

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TYNESIDE Socia) Credit Society inviteco-operation to establish a local centre forSocial Credit action in all its aspects.Apply W. L. Page, 74-6, High· WestStreet, Gateshead.

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------~----------------------------------------TO THE DIRECTOR OF REVEN.UE,THE SOCIAL CREDIT SECRETARIAT,12, LORD STREET, LIVERPOOL, 2.

I wish to support Social Credit Policy as defined in the termsof association of and pursued by The Social Credit Secretariat'..tnder the Chairmanship of Major C. H. Douglas.

I will, until further notice, contribute

{per week

£ : : , per mon thper year

towards the funds of the Social Credit Secretariat.

Na1ne _ ..

'Address _ _ ..

.............................................................................................................

The NORTH DURHAM Ratepayers'Advisory Association would welcome \..support, physical or financial fromsympathisers in Gateshead and District "=::to carryon their campaign for l.owerRates and no Decrease in Social Services.Campaign .Manager, N.D.R.A.A., 74-76High West Street, Gateshead.

UNITED RATEPAYERS' ADVISORYASSOCIATION: District Agent for New-castle-on-Tyne area, W. A. Barratt, 10,Warrington Road, Fawdon, Newcastle-on-Tyne, 3, will be pleased to assist anyoneon new Lower Rates Associations. .

UNITED Ratepayers' Advisory Associa-tion. District Agent for S. Wales andMonmouthshire, 11r. P. Langmaid, 199, •Heathwood Road, Cardiff. 1

4'...

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