THE GOLD STANDARD

New Zealand Herald, Volume LXXII, Issue 22000, 5 January 1935, Page 13

THE GOLD STANDARD

Sir, —The advocates of the gold standard have received yet another setback in the reported British trade revival and the high standing of British credit generally. The. fact that these very desirable conditions have been brought about at a time when Britain is off the gold standard is further proof, if any were needed, that the gold standard theory is merely a fetish of bygone days. To-day British credit, though detached from gold, is higher than that of all other countries including those countries which still regard adherence to the gold standard as being the palladium of sound finance. There is, of course, an insistent demand from certain interested quarters for a return to the gold standard as the basis of an international currency but the question of an international currency is about as logical as a demand for an international postage stamp. Britain has, in the writer's opinion, departed from gold for all time, for under modern production methods, the gold standard is quite unworkable. H.W.