AGAINST HIGH EXCHANGE.

Auckland Star, Volume LXIII, Issue 276, 21 November 1932, Page 6

AGAINST HIGH EXCHANGE.

Can we hope there will b e a combination of forces to squash the conspiracy for inn! ti°n by holding up the banks at the t&m point to increase and hold the exchange an artificial level? Tho solo beneficiaries will be the mortgagees and those wishing to hold the price of land at a high level. Australia reached her adverse (the word is significant) exchange in a money panic and scramble for London money; no such position obtains in New Zealand. On the contrary, we are flush with London money. The proposals mean a landslide in the standard of living, which las aiready received shocks, affecting" every'man 5 woman and child. Surely it is impossible that such, a scheme should be put through in the absence of Mr. Downie Stewart, and it is fairly certain that Mr. Stewart would rather resign than countenance it. How can Mr Coates with all the noble sentiments expressed at Ottawa return and betray those representatives of English manufacturers and industry with whom lie has but lately been shaking hands? An internal loan is available as a subsidy for farmers until prices rise, but this is not what the advocacy of high exchange want; they demand stark, unequivocal and permanent inflation. E. L. HEED,