A MATTER OF DUTY

Evening Post, Volume CXV, Issue 16, 20 January 1933, Page 8

A MATTER OF DUTY

ME. STEWART'S. REASONS

LETTER TO MR. FORBES

At the Tequest of Mr. Stewart, the Prime Minister released for publication the letter which Mr. . .Stewart forwarded to Mr. Forbes announcing his decision to resign. The following is the text of Mr. Stewart's letter:— 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 m icarrying out this policy, I feel it my duty.to. resign my portfolio and ask to bp.reliev.ed.from office. I P.e.ed. ha.rd.ly. pay that I realise the difficulties . with, .which the 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 sametime; as publicity is given to ,the decision on-the exchange question. I shall also- be- grateful- if- you can make it convenient to release me without delay in view-of- the- near approach of the session and the 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 the 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.) "Wm. DOWNIE STEWART.