Dear Sir,

Bay of Plenty Beacon, Volume 10, Issue 96, 19 February 1947, Page 4

Dear Sir,

Letters to the Editor must be clearly written on one side of the paper only and where a nom-de-plume is used the name of the writer must be included for reference purposes. The Editor reserves the right to abridge, amend or withhold any letter or letters.

THE CHAMBER OF COMMERCE Sir, —Having noted the appeal to the Government by representatives of the Chamber of Commerce to sign the Bretton Woods Pact.-.. I would draw attention to some of the main articles in the Pact. Article VII, Section 4. The International Bank’s assets are immune from seizure. In fact in article VII the Bank of International Settlements is given full control of the nations that come under its monetary jurisdiction, and evolves into a totalitarian dictatorship. Section V, of article VI gives it the right to withhold guarantees or loans by the vote of the majority of the Board of Governors—having assumed the totalitarian right thereto will give it the right to foreclose on all nations under its jurisdiction, as all trading of members must be in the terms of gold “dollars” which is held by a small handful of Jews, the principals of being Baruch, Morganthu, Kohn Loab and Co. the War bergs and Leihmen. In Section IV there shall be 12 executive members appointed by the Board of Governors; and as the Board of Governors will be appointed on the strength of their voting power; being the holders of the gold bloc, puts the minority in power to dictate to all other subscribing nations. Thiswill fetch them under a Jewish'jurisdiction . that will not be broken without revolution. Britain has been betrayed by her rulers; and the onlyway to help her out is to remain outside the international (the Bretton Woods Pact). Britain having agieed to pay its loan and interest in terms of gold (fixed) value, being a debtor nation she cannot ad-

just .internal monetary policy in order to ease the situation. A crisis will develop; mass unemployment, increased poverty and all the evils of man-made depression will effect the nation. The Government attempt to sell the new goods “which her own people cannot buy” to one of the creditor nations! This will disrupt their economy causing barrier tariffs against their exports and the economic position will become steadily worse. The poverty of the people will become so serious that it'would be impossible to meet any debt payments. In the meantime similar conditions will have developed in other countries, the desperate plight of those people will force their Government to break away from those international agreements, and to make an attempt, to adjust their internal economy. Debtor nations would also be inclined to gravitate united by the common bonds of sympathy and distress. Long before this stage is reached the international power could decide that the debtor nations contemplated aggression! The International Police • Force would then be used to invade their Sovereign territories and bludgen them into submission. Thus a powerful international junta can achieve complete control of the political and economic life of all debtor nations. In summing up! Big business has no troubles, it passes them on to the consuming public with a bit added; hence the application of the ri N.Z. Chamber of Commerce to sign the Bretton Woods Pact. It is time the small tradesman and the general public woke up to facts. Yours etc., W. BRADSHAW.