ASSISTING THE FARMER

Otago Daily Times, Issue 22720, 5 November 1935, Page 10

ASSISTING THE FARMER

FEELING AMONG TOWNSPEOPLE' TRUE POSITION MISUNDERSTOOD (Special to Daily Times) AUCKLAND, November 4. “ There is a widespread feeling among many townspeople that the farmer has had his path made easy at the expense of the rest of the community,” said Sir William Hunt, of Wellington, when addressing members of the Auckland Rotary Club. “ This has led to numerous statements made by the man in the street, which reveal definite misunderstandings of the true position.” No country could be entirely selfcontained, said Sir William, and the exports represented the country’s purchasing power abroad. Never had the importance of this fact been realised so clearly as during the depression. Throughout this period every country in the world had been faced with a struggle to maintain its exports, and had resorted to every means in its power in an endeavour to do so. While the rest of a community could have its earnings largely protected the export industries had to meet world-wide competition without protection against low or falling prices. The shrinkage of world trade between 1929 and 1934 was .reflected in a reduction of about 23 per cent, in volume., and a fall of about 56 per cent, in the world price level. The whole of the burden of this collapse in, export markets fell directly on the shoulders of the exporting industries. , Of all the things done in New Zealand to help the farmers probably none had been criticised so freely as the raising of the exchange rate. Since 1914, however, countries all over the world had depreciated their currencies to a great extent and were endeavouring to keep the purchasing power of their currencies to suit themselves. Those who argued that New Zealand’s currency should be kept at a par with sterling were saying that the control of the Dominion’s currency should be handed to Great Britain. Britain, however, was concerned only with the conditions in Britain.