RESIGNATION

Dominion, Volume 26, Issue 99, 20 January 1933, Page 10

RESIGNATION

Mr. Stewart’s Decision

VIEWS ON EXCHANGE “Unable to Concur” MR. FORBES’S TRIBUTE The Prime Minister, Kt. Hon. G. W. Forbes, early this morning j! n ' nounced that the Minister of t* l *' anee, Hon. Downie Stewart, had forwarded to him for transmission to his Excellency tlie Governor-Gene-ral, his resignation as a member of the Executive Council, and also of the Ministerial portfolios ol Finance, Customs, and AttorneyGeneral. Mr. Forbes said the resignation had been duly forwarded to his Excellency.

“I can only say,” said Mr. lorbes, “that I received Mr. Stewart’s resignation with the greatest regret., with his formal resignation, he sent me a personal letter, a copy of which 1 am handing to the newspapers for publication. His letter sets out the reasons that have compelled him to sever his connection with the Government. He has fopnd himself unable to concur in a decision on an important matter of policy .which his colleagues believe to be in the best interests of the country in the present economic emergency, and finding Himself in disagreement with the other members of the Government he has withdrawn from Ministerial office. “I should like to say that as Prime Minister, I could not have wished for a more loval or delightful colleague than Mr. Stewart. His attainments and his ability combined with his high personal qualities, peculiarly fitted him for the Ministerial position in which he lias rendered signal service to his country, particularly in connection with the negotiation of the recent trade, agreement with Canada and also at the Imperial Economic Conference at Ottawa, and his subsequent visit to London. *‘l appreciate the reasons which have brought .about his resignation, and, although he is retiring from the Cabinet circle, I shall always, value the personal friendship which has existed between us, and which I know will, last till the end of the chapter.” LETTER TO MR. FORBES Unable to Subordinate Views on Exchange The following is the text of Mr. Stewart’s letter of resignation to Mr. Forbes: My Dear Mr. Forbes,— I regret to say that as I find myself not in accord with the proposal of 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 portfolio, and ask to be relieved from office.

I need hardly say that I realise tlie difficulties with which tlie Government is faced, and that it is the duty of each Minister-to do his best to harmonise his views with those of his colleagues. You may remember that last year I subordinated my views on the question of the 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. I 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. 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 niake it. convenient to release me without delay in view of the near approach of the session and tlie 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 tlie Governor-General my resignation and will be obliged if it can be dispatched as soon as possible. Assuring you of my continued personal esteem,—Yours very sincerely. (Sgd.) W. M. DOWNIE STEWART.