NOT LOGICAL

Hokitika Guardian, 23 November 1932, Page 6

NOT LOGICAL

CRITICISM OF FARMERS’ LEADERS.

THFAR ATTITUDE. TO EXCHANGE.

(Per Press Association Copyright.)

WELLINGTON, November 22. Concern about the prqposed higher exchange rates was expressed at a meeting of the New Zealand Manufacturers’ Federation when the following statement was issued at the close of the meeting:— k “It is somewhat difficult to understand how Mr Poison and like leaders of tbs farmers can reconcile their present demands for inflation per medium olf the exchange with their attitude in pre-Ottawa Conference days. “It will he remembered that in those days their fight was for a so--willed free exchange. Now, after the Ottawa Conference and the concession by Britain of quota systems and preferential tariffs for our produce, our illogical farmer leaders, with a sod lack of ethics, demand a high pegged exchange.

“Again, the- farmers’ leaders submit th-;t the tariff must be lowered to encourage British imports, so as to compensate Brjtish people for the concession of quotas and preference. How can the high exchange advocates balance- the issue?

“Will they deny that by raising and pegging the exchange the tariff barrier will prove so prohibitive that they will debar New Zeabuglers from any possibility of buying British goods, or will they admit that they -are—now that the- quotas and preference have been approved by Britain—disinterested in providing our q'uid pro quo, and are therefore concerned only in bringing into operation a system that is designed only to- safeguard New Zealand’s major curse, inflated land values ?

“Though our manufacturers recognise any increase in exchange means •an appreciable increase in tariff protection, they cannot be blinded to the graver dangers encompassed, hv any departure from the present exchange position, which if anything is on the liberal side.”