SITTING ON A VOLCANO

Otago Daily Times, Issue 21989, 26 June 1933, Page 10

SITTING ON A VOLCANO

TO THE EDITOR. , Sir,— Mr 6. Stringer quotes with approval a statement by a Christchurch business man that we in New Zealand are sitting on a volcano by trying the patience of Britain to the breaking point; that Britain has £800,000,000 invested m Argentina, and that country could supply, all Britain’s needs. , Commenting on this, Mr Stringer reminds us that we owe Britain the enormous debt of just about £283,000,000, and vet we act as it we were tbe creditors and had a right to dictate our terms. The attitude of the Christchurch business man and hia supporter, Mr .Stringer, seems .to me to be rather curious. They surely know any economist would tell them—that we. can only pay our interest to Britain in goods—i.e., in exports. Mr H. D. Acland, in his presidential address at the meeting of the Sheepowners’ Federation, said (and the Otago Daily Times editorially agreed) that JSgw Zealand is required to pay to Britain three times the amount of lamb and butter previously required to meet the interest bill. When we have paid this amount —three times as much as was required before prices fell —we take payment for the remainder of our exports in British goods. There is every indication that we are making all efforts to go on doing this. Yet we are supposed to be “ sitting on a volcano by trying Britain’s patience to the breaking point. The implication of the above remark about Argentina apparently is that, it we are not more careful about something Britain may stop taking our exports and supply all her needs from Argentina. Surely if Mr Stringer thinks again, he will see the absurdity of that implication. —I am, etc., ARISTOTLE. Hillgrove, June 22. , -