THE EXCHANGE RATE

New Zealand Herald, Volume LXIX, Issue 21345, 21 November 1932, Page 13

THE EXCHANGE RATE

Sir, —Can wo hope that all tho forces of those favouring decency and fair play, and with tho welfare of New Zealand at heart, will at once combino to squash this most dishonest conspiracy for inflation and hold-up of the banks at the pistol point to increase and hold the exchange at an artificial level. Tho sole beneficiaries will bo tho mortgagees and those wishing to hold tho price of land at a high level. Australia reached her adverse (tho word is significant) exchange in a money panic and scramblo for London money; no such position obtains in New Zealand; on tho contrary wo are flush with London money increasing weekly Tho proposals mean a landslide in tho standard of living, which has already received shocks, affecting every man, woman and child. Surely, it is impossible that such a scheme should bo put through in the absence of Sir. Downio Stowart How can Mr. Coatcs, with all tho noble sentiments expressed at Ottawa, return and betray those representatives of English manufacturers and industry with whom lie has been but latelv shaking hands. An internal loan is available as a subsidy for farmers until prices rise, but this is not what the wire-pullers want; they demand stark, unequivocal and permanent inflation. E. L. Head.