GOLD WON'T WIN THE WAR

Bay of Plenty Beacon, Volume 5, Issue 29, 16 March 1942, Page 4

GOLD WON'T WIN THE WAR

ment to control our own fiscal policy we Avill get nowhere. We here in New Zealand must get our' House in order, the time to act is, 'now.' The article in the Herald dated 27/2/42 "Severe Critics," points to the want of co-operation. Yours etc., W. BRADSHAW, Taneatua.

Sir,—Gold has had its day in the currency of the past, and I hope that it will not raise its hoary head again the future. When the war broke out we were still maintaining an abortive trade in gold. America after the last war deinanded war debt payments in gold, she has now 85 per cent or more of the gold of Europe and the British Commonwealth in her coffers. In May,. 1925, Britain was forced back on to the gold standard, and from then on tUI the war broke out there was erty and distress, I would point cut that Japan, did not build hep navy on gold or present day orthodox currency. She did not beg, borrow or steal but used her own credit —• the credit of the people; that credit which was produced internally for export of goods at any old price, and which was subsidised from her National account. Germany is financing on somewhat similar lines. And what are we doing?

Gold won't win the war either; but the conscription of goods and services and the true co-operation of the people will go a long way to keep the Japs out. of New Zealand. Until we, the British Comr. monwealth of Nations demand the right of a Constitutional Governs