EXCHANGE POSITION

New Zealand Herald, Volume LXXII, Issue 22260, 7 November 1935, Page 15

EXCHANGE POSITION

QUESTIONS TO MR. COATES MR. HISLOP AT TAURANGA [by telegraph—own correspondent] TAURANGA, Wednesday A large audience assembled in the Town Hall to-night to hear Mr. T. C. A. Hislop, Leader of the Democrat Party, deliver his first address in the district. Mr. L. It. Wilkinson, Mayor of Tauranga, presided, and Mr. C. T McFarlane, Democrat candidate for Tauranga, also was on the platform. Mr. Hislop was accorded a most attentive bearing, and there were no interruptions. Criticising the actions of the Coalition Government during the past four years, Mr. Hislop said that as a result of the raising of the exchange rate New Zealand had lost its good name in the British market and could get it back only by returning to sanity. The Democrat Party would allow the banks, at the time and in the method they thought best, to bring the rate down to its true level. As exchange feil, a produce subsidy would be paid to the farmer according to his economic need, but it would not be greater than the direct benefit derived from the exchange. "Mr. Coates has stated that gold has been taken from the banks in Canada, and that the New Zealand Government has done nothing different from that done in other countries," said Mr. Hislop. "I invite Mr. Coates to answer the following questions:— "(1) Did the Canadian or any other Government pay for the gold that was taken, in notes of a currency already depreciated by political pressure? "(2) Is it not a fact that in every other country, gold taken from the banks, with its attendant profits, was handed to th«» central bank as security for their obligations to the public, and their depositors, instead of being used in large measure, as was done by Mr. Coates, to balance his budget? "(3) As a result of Mr. Coates' operations, what will the value of a Reserve Bank note be should England revert to the gold standard, whicli may occur at any time? •'My last question is not an academic one," declared Mr. Hislop. "To a debtor country like New Zealand, with heavy debt obligations to England, it is a very pressing one. The entire community, and local bodies who have loan and interest pa3 f ments to meet in London, are entitled to an answer." A motion expressing appreciation of Mr. Hislop's enlightening and interesting address was carried by acclamation. OARD-PLAYINQ 'ALLEGED AERODROME WORKERS' DENIAL [by telegraph—press association] HAWERA, Wednesday Allegations that men employed at the Hawcra aerodrome were playing cards when* they were supposed to be working were made by a questioner at o meeting held by Mr. W. G. Simpson, Labour candidate for Patea. An emphatic denial was given the statement by the 60 men concerned at a meeting which Mr. Simpson addressed at the •aerodrome vesterd ay. The Public Works overseers said no cards had been played since the -work started. If the weather was \tet the men went homo.

OUTS IN PENSIONS CRITICISM BY MR. SCHRAMM Trenchant criticism of candidates who had supported cuts in pensions but who now, under the new name of Democrats, promised to restore them, was voiced bv Mr. t'\ W. Schramm, Labour candidate for Auckland Kast, when addressing electors in the returned soldiers' social hall, Parncll Road, last night. There was an attendance of about 150. several people being obliged to stand at the back of the hall Mr. J. Saycgh ( j ca ] t exhaustively with tho Labour Party platform, on the lines of the address with which ho opened his campaign, and criticised the Government for cutting old. ago pensions, salaries and hospital board giants. He said tho coming election was a fight between Labour and the National Party \II the other parties were merely a screen to hoodwink the electors. After answering several questions Air Schramm was accorded a vote of thanks' and confidence without dissent. Three cheers were given for tho Leader of the Parliamentary Labour larty, Mr. M. J. Savage, and for "the party s success at the election.