BRETTON WOODS PLAN

Chronicle (Levin), 10 August 1946, Page 2

BRETTON WOODS PLAN

REFERENDUM OF THE PEOPLE URGED FAR-REACHING XMPLICATIONS (Contributed) In the Waikato Times of May 30 last appeared a column on tne Br&tton Woods Plan from the pen of Mr. F. M. B. Fisher, ex-Minister of Customs in New Zealand. This gentleman held-an important post overseas in connection with high finance, that of Director. of the! Imperial Commercial Association, 1 in the City of London. What he nas to say, thereiore, on the BreoDon Woods Plan bears the cachet. of one who will be fuliy acquainted with the implications of it so far as it affects New Zealand. Mr. Fisher points out that. Bretton Woods does not embrace any kind of monetary reform; but it is a gratuitous transf er of monetary ! controi, which is the inherent] right of the State to an extra- j oerritorial body. He describes it as i jl noxious agreement and does not ! hesitate to express the view thatj •if the Bretton Woods Agreement j were offered to us, accompaniea i with a substantial bribe of one hundred miliion doliars, it woiuu j yet be folly for us to sign," and that we are being pressed to hand over ! to an alien body the most cherished ; possession of our constitution. Hereunder is reprinted the major : portion of Mr. Fisher's article, i which is so complete in its under- : otanding that tnere is littie more ; that could be said against the rati- j fication, and will tax the ingenuity ! of more than Mr. Nash to sustain] any claim that Bretton W oods i Plan would benefit New Zealand in , any way. "The agreement proposes that we I shall hand over, completely and ] entirely, the whole conrrol which the Legislature now has of our j banking system and aii that the term "banking" impiies. Controi over the issue of credit and currency is to be taken out of the hands of the State and handed over to a group of aliens. "Before we consent to make this precious gift, it might be as well to 0ry and form some estimate of the character or characteristics of Ihe future lords and inasters. We cun, perhaps, create an image from a perusal of the terms of this vicious document itself. First, let it oe borne in mind that this transcendent power, which we are asked to hand over, is to be a priceleas gift. For nothing. But these impudent proposals do not stop at that. Thev go on to claim what is referred to as "immunities." Let us glance at „he "immunities" incorporated 'n this vicious document. If it were a bankrupt firm and the tenns were being imposed upon us by a group of remorseless creditors, u.e terms could not be more ruthless. 1. The new masters shall take over the controi of the whole of our national finances. We shall be piaced in a-. position where we can be .inflated or deflated at will by an alien power. 2. Their representatives in this country shall be piaced above aua beyond the law of the land. 3. Their assets are to be immune from seizure. 4. Their offices shall be immune from search, confiscation or any form of legislative action. In plain words, they are to be piaced above and beyond the reach oi Parliament itself. 5. . Their archives are to *' be immune against the law. 6. The property of the bank shall be inviolable. 7. All governors and all employ- i ees shall be immune from legal \

process, unless the bank itself • agrees to waive the right. i 8. The bank will be immune ' from taxation and from Customs j duties. , 9. It shall also be immune from ; liability for the payment of any tax or duty. . • j 10. Non-resident officials of the bank shall be free of income tax. 11. No taxation of any kind snall be levied on any obiigation or , security issued by the bank, includ- j ing any dividcnd or interest there- j on. j "I find it almost impossible to ; believe that even a proffered gift j of all the golden doliars in the ; world could succeed in bringing | any dccenf New Zealand patriot to i sign away his heritage, grantj such wrongful prerogatives to ' foreigners and impose such a sys- i tem of legajised robbery upon our! and succeeding generations for all j ime. "At least- we have the unques- i ioned right to demand. of our Parliament that before any such iniquitous agreement is signed, the people shali be consulted. The agreement does not have to be signed before the end of December next. A referendum of the people could be taken with very littie oxpense at the same -time as the nexo general election. The consti;utional right, which it is suggested should be given away, belongs to the people, and it is they who should first be consulted. "There was no mandate- to Parliament on this issue at the last election. Why not, then, as a lasi alternative let the new Parliament to be elected in November shoulder the burden of decision? Tha Parliament will at least have hac the benefit of consultation with thc mass of the people, if only from th hustings. The present party in power, conceivably a dying party in

a dying Parliament, certainly has no mandate and, thereiore, no right whatsoever to sign away any part of our cherished birthright."