EXCHANGE AND TRADE.

Auckland Star, Volume LXVI, Issue 238, 8 October 1935, Page 14

EXCHANGE AND TRADE.

Mr. Carradine's letter on exchange is botli annoying and at the same time amusing. One would think that the whole of the population of Great Britain were up in arms over our exchange policy. As a matter of fact it is probable that not one person in every 100,000 knows or cares about the matter. Years before our farmers were protected by higher exchange rates the Argentine exporter was enjoying a 30 per cent rate between his country and London and could undersell our wool, mutton and beef by that amount and still be even with us. Who eared except the poor farmer carrying a load of imported articles on one side and the weight of foreign competition protected by 30 per cent exchange on the other? Now, getting down to what we owe Britain. Going back into what is, to most of us, ancient history, who paid for the occupation, early settlement of New Zealand and the Maori wars? These to the last penny were charged up to us in the form of a loan. Then the Boer War. We paid our bill of costs in both men and money. The Great War found lis stiU willing,to pay a greater bill of men and money and, further, we sold our foodstuffs and raw material at very slightly advanced prices while foreigners, who can trade under any old advantage without our pious critics taking them to task, were able to and did collect many times the normal value of the produce they had for sale. Furthermore. when did New Zealand send to England more produce than England could consume? In view of the foregoing who has a better right to expect preferential treatment over foreigners without having to endure the criticism of a few manufacturers of cut glass and electroplate which we could very well do without. We have never received more from Britain than we had a right to expect and I am proud to say as a New -Zealander that we have always given the Old Country her due. Our exchange policy is a domestic matter, and whether it is a frood or bad policy rests entirely on how it affects us locally in the- same way as if we were to work longer hours and receive less pay and so produced our goods at 25 per cent less cost. P.O'S.