Public Opinion FINANCIAL INCUBATION

Bay of Plenty Beacon, Volume 12, Issue 89, 1 September 1948, Page 4

Public Opinion

FINANCIAL INCUBATION

Sir, —I listened with . interest to Mr Nash’s apology on Sunday, August 15: I could only agree with him (pro forma) on keeping the reduction of the exchange rate under his hat. But when he mentioned that the Geneva-Havana compromise, was to encourage free trade! Oh, yes. When the U.S.A. has the final say over our goods, and can, and will, dump her goods indiscriminately in virtue of her bonds; and debarring our direct trade with Britain owing to the signing of the Bretton Woods, Geneva, Havana, Marshal Plan. Mr Nash has fetched home some foreign eggs to hatch, which may prove to be Turkey Buzzafds, when they are hatched. Can Mr Nash explain why he reduces our exchange by 25 per cent overnight; and yet the primary producer is not being paid on parity value with other countries! It is not a matter of helping Britain or the British people, for our exports and imports are being controlled from New York, under the Bretton Woods, Geneva, Havana, Marshal Plan. Mr Andrew Hamilton (Wellington Stock Exchange) observed: It appears to be inviting chaos. Chaos can be made the instrument to place control over our production, distribution and exchange, which is our Government’s outlook. Then why not seek to rectify it? Did not Hitler come into power through chaos! Figs do not grow on thistles! Mr O’Shea (Federated Farmers) said: The only fair way would have !been to issue new currency. Was he thinking of Social Credit? And quite a good bet in the race against Foreign finance. Mr O’Shea added: The change would mean a rise/ in' real wages, but would eventually cancel itself out. Yes, foreign i finance will still keep the cost of living and the wage earner chasing their tails. Yours etc., W. BRADSHAW.