Dear Sir,

Bay of Plenty Beacon, Volume 11, Issue 65, 11 August 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.

AN APPEAL TO PATRIOTISM Sir, —As the Bretton Woods agreement is to come before the House very soon, I would appeal to both sides of the House not to make it a Party chopping block, and refuse to allow this country to be sold to “American” finance (The Interna- - tional Bankers of New York). The United States Treasury has issued a little booklet entitled “The Bretton Woods Proposals.” Being for “home consumption,” they are quite frank as to the advantage to be gained by America. Here are some of the items of interest, (a) The bank’s main function will be to guarantee loans made by private investors, (b) The objective of the guarantee is to encourage a substantial volume of private International investment, (c) It is generally agreed, that an increasingly large volume of foreign investment by the U.S.A. (Wall Street) is essential to,our own economic security. Without it we cannot expect to build up the volume of exports required to help absorb the output of our greatly expanded industrial plant, (d) It has been estimated that our exports which were only three billion** dollars in 1938, will have to be tripled in the postwar period, if we -are to achieve full, employment of manpower and full utilisation of our enormously expanded industrial capacity. To the extent that this objective is realised/ those engaged in the numerous occupations related to foreign trade—production, marketing, shipping and insurance—will of course, stand to gain!

From the foregoing extracts, you will see the objective of the Bretton Woods proposals, is to provide the. United States with the means of exporting her unemployment problem to other countries, no matter what happens -to their citizens. Her national policy is to be “full employment”—at the expense of the world. New Zealand, if she signs, will be strangled in her own home markets, and will have to pay for assisting in a scheme for world-wide depression. Mr Holland, Leader of the Opposition, summed up the position clearly and to the point. In his last Budget speech, he said: “By coming into it (the Bretton Woods Agreement) we could become part of a worldwide organisation of finance, currency, and trade control, that could, I believe, strangle the ecbnomic progress of this land.”

If readers want to save this country from abject poverty and distress, I would ask them to smother the “House” with their, individual protests, against the signing of the Bretton Woods Agreement. Phone or wire both sides of the House. This is your last chance. Use it! Yours etc.,

W. BRADSHAW.