IMPERIAL PREFERENCE

Press, Volume XCIII, Issue 27993, 13 June 1956, Page 3

IMPERIAL PREFERENCE

Sir, —Mr Edmonds should know that to avoid trade wars and chaos as a result of currency manipulations, over 50 nations agreed on the International Monetary Fund and the International Bank for Reconstruction and Development. This required member nations to establish a par value of their currencies in terms of gold, and. excent for a margin of variation at the discretion of each nation, changes in currency values may take place only with the consent of the I.M.F. The fund also requires countries to conduct a balanced trade of exports and imports and to provide machinery for balancing payments. The World Bank is an attempt internationally to control and direct loans and investments. This has eliminated one of the potential causes of economic conflict in the struggle for areas of investment. — Yours, etc.,

RALPH S. WHEELER. Timaru, June 12, 1956.

Sir, —The editor not having asked Ralph S. Wheeler for the source of his figures, perhaps I may make this request. I have no inborn prejudice against the United States, whose constitution commands the world’s respect, although the ethical standards during State and national elections fall far below those of Britain. The United States is just sticky with communism today. The amount of infiltration in departmental services, plus the strength of underground influences, is alarmingly presented in two books —“lron Curtain Over America” and “Red Fog.” These expose Communist open and underground treasonable activities. Wall street figures have been behind much of this destructive enterprise. Considerable of the finance offered Britain was too obviously a “safety insurance” for America and paid handsome dividends, for, if Britain had gone down, America in turn would have bitten the dust.—Yours, etc., FLAMBEAU. June 12, 1956.