FIRM ON GOLD

Grey River Argus, 5 December 1932, Page 4

FIRM ON GOLD

CAPE GOVERNMENT Premier Hertzog’s Policy Speech (Aus & N.Z. Cable Assn.) CAPETOWN, December 2. General llertzog, Prime Minister of South Africa, addressing the constituents. gave no hint of any change of monetary policy. On the contrary, he said that he could not imagine that any greater calamity could befall than that the country could be foolish enough to go off the gobi standard. He accused General Smuts of gross ignorance regarding the recovery of Aus tralia. and he quoted thc Melbourne report that wool, the production of which cost 9'<] per lb. realised Shi per pound. The Wool Committee had stat ed that the industry was on the verge of a collapse in Australia. Similarly, he said. Britain had had to compromise with her creditors or else declare her insolvency. Likewise, he said, devaluation was blind robbery within the law. it could only be justified by the Gem ini Hartzog said he was convinced that th«- economic conditions of th<- I nion of South Africa were ou the mend. Ib' ri'id that thc defection of La boiiiitc. io Germiston was another in 'dilation ef ilo- efforts of their enemies to rob the Afrikanders of their language right. Genera! Hertzog announced his retireni ‘nt from politics after the general election of 1931.