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The aim of this paper is to show that there are workable alternatives to the debt‐finance system in the form of “state credit.”

The example used for the practical application of “state credit” is the State Housing programme of the 1935 New Zealand Labour Government. The primary sources are mainly the pamphlets of John A. Lee, responsible for the State Housing and Labour finance policies.

The paper shows that “state credit” was used on a large‐scale for constructive purposes, which not only provided debt‐free funding for an enduring construction programme, but one that did so without accompanying inflation or other adverse consequences which are warned of by orthodox economists.

The paper focuses on a single example of the use of state credit, albeit an important and large‐scale one.

State credit was used in a major way during the 1930s to overcome unemployment while constructing something lasting and of enduring social benefit. It is a method that can be reapplied in the present time at a period where debt is reaching crisis point from entire nations down to families and individual consumers; with the most common remedy suggested relief being “austerity” and welfare cuts.

State credit is a means of achieving large‐scale public works, while reducing unemployment, and reducing taxes, rates and prices which generally incorporate into costs the servicing of debts. The social implications are wide‐ranging.

The 1935 State Housing programme had endured as part of an iconic New Zealand social experiment, but one of which the method of funding is now virtually unknown.

So far as the London activities of librarianship are concerned, the Winter opened propitiously when Mr. J. D. Stewart and Mr. J. Wilks addressed a goodly audience at Chaucer House, Mr. Stewart on American, and Mr. Wilks on German libraries. There was a live air about the meeting which augured well for the session. The chief librarians of London were well represented, and we hope that they will continue the good work. It was the last meeting over which Mr. George R. Bolton presided as Chairman of the London and Home Counties Branch, and he is succeeded by Mr. Wilks. Mr. Bolton has carried his office with thorough and forceful competence, and London library workers have every reason to be grateful. The election to chairmanship of the librarian of University College, London, gives the Branch for the first time a non‐municipal librarian to preside. The change has not been premature, and, apart from that question, Mr. Wilks is cultured, modest and eloquent and will do honour to his position.