INTERNATIONAL FINANCE.

Grey River Argus, 8 June 1943, Page 3

INTERNATIONAL FINANCE.

(To the Editor). Sir, —It is evident “Elector” fears we shall be forced back to the bad old days and be sacrificed to the bondholder. It is well to recall that the Prime Minister said recently, the Government would never let the people down. Doesn’t this mean we are not to be sold to International Finance ? Doesn't it mean that, after the defeat of the Axis Powers, we can live our own lives free from debt slavery ? I can’t place' any other interpretation on that statement. We have to remember that the war is not yet won, and that the .first and foremost job for the Government is the defeat of the’German and Japanese military machines. When this has been accomplished, it can resume the task of building a better social order. The old saying that “we look into the past in order to understand the present so that we can go forward,” may be taken as a guide right now. The present Government came into oilice iduring the slump; it had to knuckle down to the very hard task of solving the grave problems of that time. It did so in a manner that surprised both critics and supporters.. It abolished poverty and slave camps; it has built good roads, houses and -aerodromes; opened mines; and secondary industries; built new schools and given free milk to schools; introduced the Fair Rents Act (much to the displeasure of certain landlords); overhauled the I.C. and A. Act, the Compensation Act, and the Factories Act; and carried out a host, of other measures that have benefited the worker, and indeed the whole community. Then came the war—a change-over to a war economy immediately; many things had to be left undone and put aside, while the Government turned its attention to i the greatest struggle in world history. While it has had to borrow overseas so that it could obtain war material, the Government has also used the Reserve Bank with good effect. I am informed it received from this Bank nine millions for marketing; thirty-one millions for housing; and ten and a-quarter millions for war loans, —this, with oth'er money received from the Reserve Bank .and paid into the War Expenses Account proves that the Government is making good use of public credit. I am going to admit a wary eye will have to be kept on those financiers and others, who, while proclaiming, loudly a new social order, are already planning a post-war scheme for a return to the gold standard under such farcical names as “Bancor” and “Unitas.”

We, the people, have our job to do and a lot depends on how we do it. We can learn a lot about money, production, interest, profit, etc., the books are on the shelves of our; public libraries and the present Government put them there. We, the people, have a duty to the Government to recognise in a fair and square manner the many problems confront it. Marx and others have taught us how modern production is governed, and of the tendancy towards trusts, cartels,' etc. Arthur Kitson, Sir Norman Angel and others tell us how modern finance operates. But there are certain things we have to teach ourselves, and one of these is the intelligent use of the ballot box. Thanking you for the use of your columns, I am etc.,

J. FINLAY.