PATH OF PEGGED EXCHANGE

Evening Star, Issue 21571, 17 November 1933, Page 12

PATH OF PEGGED EXCHANGE

STREWN WITH RUINED TRADERS MR STEWART'S DEFECTION LAUDED [Frou Cue Parliament!. Hr Reporter.] WELLINGTON, November 16. The dominion should thank God (declared Mr Stallworthy in the House to-night) that it possessed a man like Mr Downie Stewart, who, rather than be a party to high-pegged exchange, preferred to leave the emoluments of office and become a private member. He could understand the devil’s temptation to bow down and worship. Mr Jordan: Who was the devil? Mr Stallworthy, declining to be more explicit, added that all honour should be paid to the man who stood out owing to his sense of responsibility, for conscience sake, and made a great sacrifice. Mr Lee: To the worship of the golden calf. Mr Stall worthy, commenting on Mr M‘Leod's criticism of the member for Dunedin West that he was unfair to an old colleague, asked what should be said of the member for Wairarapa, who, in the advocacy of high exchange, put a pistol at the head of the Prime Minister when the latter only' a few weeks before had given an assurance to the House and the country that there would be no Governmental interference with the exchange. The change of front forced on the Government by the members led by Mr M'Lead had, declared Mr Stallworthy, ruined many traders, and even the Prime Minister must recognise, the danger of sectional inflation, and that more and more would be wanted after the first effect bad passed away. . High exchange was the .Government’s contribution to the squatter class, and was in lino with its general policy, which had included repeal of the graduated land tax.