8.—3.

Section Vlll.—Exchange and Economic Adjustment—continued. (B) Consideration of the Restoration of the Hold Standard. Para. Page 64. Exchange and National Income .. .. .. .. .. -.20 65. Alternative Exchange Policies .. .. .. .. 20 ■86-72. (i) Return to Parity with Gold .. ... ... .. .. ..20 68. Effects of Deflation .. .. .. .. .» .. ..20 69. Balance of Payments .. .. .. .. .. 21 70. Effects on the Budget .. .. .. .. .. ..21 71. National Income at Parity with Gold .. .. .. .. ..21 72. Conclusion .. .. .. .. .. .. .. 22 (C) Consideration of the Present 10-per-cent. Rate. 73. (ii) Maintenance of Present Position :10 per Cent, above Sterling .. .. 22 (D) Consideration of the Effects of a High Rate —say, 10 per Cent. Para. 74. (iii) A High Premium —e.g., 40 per Cent. .. .. .. .. .. 22 75. Adjustment of Export Prices and Costs .. .. .. .. .. 23 7'6. Additional Costs of Imports .. .. .. .. .. 23 77. Effects on Costs .. .. .. .. . . ... .» ..23 78. Effects on Security Values .. .. .. .. .. .. 24 79-80. Effect on National Credit .. .. .. .. .. 24 81-82. Alternative: Primage Duty and Export Bounty .. .. .. ..24 Section IX. —The Future or New Zealand Currency. Para. 83. The Legal Basis of Currency .. .. .. .. .» ..25 84. Future Legal Basis .. .. .. .» .i .. .. 25 85. Factors determining Exchange Rate « .. . * . . .. 25 86. Temporary Stability .. .. .. .. », .. ~25 87. Stabilizing the Rate .. .. .. ~ .. .. ... 26 Section X. —Fixed Charges : Interest and Rent. Para. 88. Fixed Charges and Price-movements .. .. .. .. .. 26 89. Fixed Charges and National Income ~ .. .. ~ 26 90. Increasing Burden of Debt Charges .. .. .. ... .. 26 91. Real Income from Fixed Charges .. .. ~ .. . .. ..26 92-93. Extension of Mortgagors Relief Act .. .. .. .. .. 27 94. External Interests .. .. .. .. .. .. .. 27 95. Rents .. .. .. .. . . .. .. .. ..27 96. Contract .. .. .. .. .. .. .. .. 27 97. The Rate of Reduction .. .. .. .. .. .. .. 27 Section Xl.—The Revision of Wages. Para. 98. Fall in Real Income .. .. .. .. .. .. .. 28 99. Fall in Wages .. .. .. .. .. .. .. .. 28 100. Wages and Spending-power .. .. .. .. .. .. 28 101. Restriction in Respect of Working-conditions .. .. .. .. 28 102. Restatement of Reason for Fall in Wages .. .. ~ .. .. 28 Section Xll.—Balancing the Budget. 103 and 118. The Deficit .. .. .. .. .. .. 28 and 31 104. Adjustable Expenditure .. .. .. .. .. .. .. 29 105. Non-adjustable Expenditure .. .. .. .. .. .. 29 106. Exchange .. .. .. .. .. .. .. 29 107. Interest .. .. .. .. .. .. .. .. 29 108. Special Stamp Duty on Interest .. .. .. .. .. .. 29 109. Effects of such Taxation .. .. .. .. .. .. .. 30 110. Special Income-tax on Investment Interest .. .. .. .. .. 30 111. Voluntary Conversion Loan .. .. .. .. .. ..30 112. Effects of Voluntary Conversion and Relation to Maturities .. .. ..30 113. Net Effects of Economies .. .. .. .. .. .. ..30 114. Increase in the Revenue .. .. .. .. .. .. ..30 115. Special Sales-tax .. .. .. .. .. .. .. ..30 116. Other Revenue .. .. .. .. .. .. .. ..30 117. Benefit from Economies and New Revenue .. .. .. .. ..30 119. Urgency of the Problem of Balancing .. .. .. .. .. ..31 Section Xlll.—Local-body Finance. Para. 120. Basis of Local-body Revenue .. .. .. .. .. .; 31 121-122. Revenue and Expenditure .. .. .. .. .. .. 31 123. Adjustable Expenditure .. .. .. .. .. .. .. 31 124. Interest Adjustment .. .. .. .. .. .. .. 31 125. Varying Incidence of Proposals .. .. .. .. .. .. 32 126. Review of Local-body Finance .. .. .. .. .. .. 32

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