Bay of Plenty Beacon Published Mondays, Wednesdays and Fridays. MONDAY, MAY 26, 1947 Dear Sir,

Bay of Plenty Beacon, Volume 11, Issue 33, 26 May 1947, Page 4

Bay of Plenty Beacon Published Mondays, Wednesdays and Fridays. MONDAY, MAY 26, 1947

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.. BRETTON WOODS AND OUR SOVEREIGN RIGHTS Sir, —Under the heading of “Brettion Woods” Mr Fussell, deputy governor of the Reserve Bank of N.Z. (Herald 14/5/47), naturally champions the Bretton Woods plot, as a member of the Central Bank of a central bank. Mr Fussell emphasises that gold, like the fund, was not a master but a servant. True; But they have the master mind behind them. The inner circle of foreign finance being extra-territorial, they have formed the nucleus of a State within a State with its headquarters in New York, and is now working for an international police force to protect its ramifications. Mr Fussell

should remember that Reginald McKenna in 1924 “blew the gaff” on the banking system, when he said: “And they who control the credit of a nation, direct the policy of Governments, and hold in the hollow of their hands the destiny of the people.” Also at that time Sir Drummond Fraser, vice-president of the Institute of Bankers, said: The Governor of the Bank of England must be the autocrat who dictates the terms upon which alone the Government can obtain borrowed money. The “Wall Street Journal” 1927, states: “Mr Norman has broken all precedents. He runs his bank and the treasury as well.” Well, Wall Street should know. Was it not Montague Norman and Dr. Schacht who formed the Bank of International Settlements in which are incorporated the International Monetary Fund, and the Bretton'Woods plot? In 1930 Sir. Otto Niemeyer, representing the Bank of England and the Bank of International Settlements, arrived in New Zealand with appalling results. The Reserve Bank was set up and the Bank of England installed its chief cashier as Governor. The next move was to establish a Mortgage Corporation, which was also a move in line with the Bank of International Settlements to establish a world network of Mortgage ‘Corporations. In 1935 the Coalition Government was defeated. The swing to Labour was the results of the chaotic conditions dur-

ing the depression and the promises made by the Labour Party to break this ‘private” banking monopoly. Unfortunately for the electors, they were not fully informed regarding the Labour Party’s views on Socialism, and we are now rapidly approaching another phase of economic disaster, we should be prepared with a constructive policy to counter this international invasion of our economic freedoms. Are we blind? No more blind than those that will not see. Mr Fussell, when asking us to surrender our economic freedom; “our Sovereign Rights,” it is conspicuous that our coinage has lost the symbol of Sovereignty since 1936! Are we to be governed by the Extra Territorial State? Yours etc., W. BRADSHAW.