The National Wealth

Dominion, Volume 28, Issue 254, 24 July 1935, Page 11

The National Wealth

Sir.—-Tn reply to the New Zealand Welfare League’s assertion of m.v intention to mislead, which is emphatically refuted, the lene-ue charges me with omitting the words “by speculators.” which it snys was done for the purpose of suiting my case. The banking system as represented by the Bank of International Settlements was reported in the cable nows to have arrived nt the following decision in these words: “The meeting agreed flint common measures for defence should ho adopted at the first signs of attacks against flic currency of any country connected with the Infornational Bank.” The words “by speculators” does not anpenr in any part of the cabled report. In referring to this decision in m.v letter. I asked the pertinent question as “to whnt effect the abovementioned decision might have on New Zealand currency, which was deflated by request of the Government?” The last paragraph of my letter did not appear in print, but this fact does not excuse the league for accusing me of excising the wording of a resolution to which I had made reference.

Again 1 challenge the league when it asserts that in a previous paragraph it. included “State enterprises and Crown property as part of the. national wealth.” it merely mentioned such as in referring to “credit” and the capacity of the people to pay taxes, but it made a definite plain statement that “The nation's wealth i« the aggregate wealth of the individual citizens'.” This assertion is absolutely contrary to fact, and the league should be generous enough to admit it, otherwise it cannot expect the community to place confidence in its deductions. —I am. etc.. DEMOCRAT. Wellington, July 22.