Dear Sir

Bay of Plenty Beacon, Volume 11, Issue 82, 19 September 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.

PRESSURE. OF DOLLAR DEFICIT \ Sir, —Recent reports from Canada state: Unless Canada.can get enough dollars from her exports to pay for her imports, she will have to make radical changes in her economic structure. Since the above news, Ottawa, September 2, 1947, we find that Canada is making a step towards • independence of the “Dollar Trust,” much to the disgust of the Wall Street fraternity. Canada and Argentine (both dollar countries), have entered into an agreement (on the barter system), Argentine taking 7000 tons of newsprint and delivering 9000 tons of edible oils in exchange, Canada having agreed to take a further 9000 tons on the same terms for later delivery. This is an offset, and a direct challenge to the international banker, and goes to show that this international plot to centralise and control the world’s production, distribution and exchange from New York under an imperialistic dollar system, won’t work. It shows the weakness of the international monetary fund, with its Siamese Twin, the Bretton Woods agreement. According to later news, New York 20/9/47: “The Department of Agriculture, it appears is apparently bending back (please note) to stem price cutting by larger shipments of edible oils at reduced prices.” This may be the start of trade war, and the Swan Song of Wall Street. New Zealand is taking 22,000,0001 b of this consignment of 47,600,000. What about dollars? This is a matter of ‘exchange’ rates and relative ‘sterling,’ and ‘dollar’ values being related to prices. We are being stung both ways. On paper, Mr Strachey and Sir Stafford Cripps are working for the British people, in practice, they are giving the whole productive power of the British nation away'to the tender mercies of the international power financiers. “There is a way out,” but will our Government, or Governments, take it?”

Yours etc., W. BRADSHAW.