GOLD STANDARD

Hokitika Guardian, 28 August 1931, Page 8

GOLD STANDARD

“I appreciate that the Government’s difficulties are equally severe with those of private individuals .and finding concerns, and our difficulty at the moment appears to be traceable to the action taken by the financial groups in Europe, Great Britain and America, through the restoration of the depreciated £ to one of 20s value by reestablishing the gold standard,” said Mr H. D. Acland in his presidential address at the annual meeting of the New Zealand Sheepowners* and Farmers’ Federation, in Wellington. “In other yords, having got the whole liorrowing world indebted during the war and/ post-war period, on the basis, of a depreciated £, the financial groups mentioned have since arbitiarily, and without reference to the debtor nations, practically doubled the ,amount of the debt contracted under 'the old conditions. by this action. The es»et of this has been the pauperisation ijjjtffebtor nations, through the inability of the various industries to continue on a payable' basis owing to the shortage of currency, as compared with the amount available under the old currency value. 1 trust that the Pailiamentary Committee now sitting will not lose sight of the necessity for some relief from our creditors outside New Zealand, in addition to giving attention to necessary adjustments within the Dominion.”