A CLEAR DUTY.

Auckland Star, Volume LXIV, Issue 16, 20 January 1933, Page 8

A CLEAR DUTY.

AVOIDING EMBARRASSMENT. IMMEDIATE RELEASE SOUGHT. WELLINGTON, Thursday. The text of Mr. Stewart's letter to Mr. Forbes is ae follows:— "I regret to say that as I find myself not in accord with the proposal of the Cabinet to get the banks to raise the exchange rate and to indemnify the banks against any loss they may incur in carrying out this policy, I feel it my duty to resign my portfolios and ask to be relieved from office. Once Bitten. . .! "I need hardly say that I realise the difficulties with which the Government is faced and that it is the duty of each Minister to do hie best to harmonise his views with those of his colleagues. You may remember that last year I subordinated my views on the question of a statutory reduction in interest and on certain questions of taxation in order to agree on a common policy, but it is not feasible to repeat this line of action on so important a question as that of exchange. "My continuance in the Ministry would, therefore, be a source of embarrassment and not a help to the Government. J. desire to express my thanks to you personally and to your colleagues for the generous help and consideration you have always extended to me during my term of office. Resignation Forwarded. "I shall be glad if you will agree to make public this letter at the same time as publicity is given to the decision on the exchange question. I shall also be grateful if you can make it convenient to release me without delay, in view of the near approach of the session and the necessity for your making other arrangements. "I do not think there is anything to be gained by waiting for the decision of the Associated Banks, as this may take some days and is hardly material from my point of view. "I enclose for transmission to his Excellency the Governor-General my resignation and will be obliged if it can be dispatched as soon as possible." I