MR SAVAGE AND THE GOLD STANDARD

Press, Volume LXXIV, Issue 22519, 29 September 1938, Page 9

MR SAVAGE AND THE GOLD STANDARD

TO THK EDITOR OP THE PRESS. Sir _ln his first broadcast address the Rt. Hon. the Prime Minister stated that at the last Imperial Conference, which was attended by himself and the JEion. W. Nash, the question of the restoration of the gold standard came up for discussion, and that he strenuously opposed it, and the matter was dropped. Let us, therefore, examine this proposal and see what disastrous effects Mr Savage’s opposition had on the welfare of the workers of New Zealand and the rest of the world, and how such opposition helped the large monetary interests against the interests of the people whose goods and services are in the ultimate valued by gold for the purchase of international exchange. Mr Savage and Mr Nash s oPP°sltion to the gold standard was in effect opposition to the value of gold being fixed by the governments of the various Empire countries, and their opposition was In support of the vicious policy at present m operation, where no control whatsoever from any government Or people is permitted to operate. It means, in the words of the late Mr W. J. Brien, “crucifying the people on a cross of gold.” Taking this important issue back to the people of New Zealand, whom Mr Savage and Mr Nash were supposed to represent at the Imperial Conference had they supported the restoration of the gold standard as vigorously as they opposed it, and had they succeeded in its restoration, the working man in New Zealand in exchange for 40 hours’ service would receive goods valued by an ounce of gold, instead of which our delegates supported a system that demands 87 hours’ labour in exchange for the same goods valued by the same ounce of gold. Might I, therefore, suggest that m view of so much talk of using public credit for the public good, that Mr Nash or Mr Savage at the next broadcast will explain to the people of New Zealand why they chose to support the present iniquitous system _ against a system of control of the value of gold by the governments of the Empire countries for the benefit of their people, which is the fundamental principle governing the gold .standard.—Yours, etc., • x „,SLdp. ' Auckland, September 23, 1938.