GOLD COIN AND BULLION

Otago Daily Times, Issue 22096, 28 October 1933, Page 5

GOLD COIN AND BULLION

TO THE EDITOR. Sib, —I think the public of Dunedin is becoming rather tired of the statements which are attributed to Mr James Begg. v In any case,' why should Mr J amea Begg hold such weight in the councils of this & country regarding the position and payi.V ment for the gold held by the banks? Is he the arbiter for the whole Dominion? i The banks accumulated this gold in the fi: ordinary course of business. Mr Begg in I?' the same manner accumulated sheep runs, etc. -Through causes outside the control !■ of the banks in New Zealand, gold shows a profit, but if there had been any reduction in the price would the Government have paid the banks the price they gave for the gold? Similarly, through causes outside Mr Begg’s control, the price of his sheep runs may appreciate. Would Mr Begg, to be consistent, insist on the Government taking the accruing profit? I think not. As regards the issue of gold, let the Government remove the Order-in-Council making bank notes legal tender by all means. We would then have this iniquitous .exchange rate removed, and a true rate would become operative. The small farmer would, not suffer any harm from this, as it is well' known that the Only ■■■; persons benefiting at the present time are £ those large runholders of the class to which Mr James Begg belongs and which' A for many years has had too much say in the control of our affairs in Government. — I am, etc., WINDEX. Dunedin, October 26.