WORLD VALUES

Otago Daily Times, Issue 23004, 6 October 1936, Page 14

WORLD VALUES

TO THE EDITOR.

Sir,—lt.is amazing how simply and unobtrusively the page of the economic history of the world has been turned over, and a new chapter commenced, by the stabilisation of the three chief currencies of the world. No blowing of trumpets, no rejoicing, not even a realisation by the masses of the fact that the day has come of the beginning of the restoration of all things into their proper perspective. In the future the whole world will look back upon September 26. 1936

(strangely enough,-the Day of Atonement in the Hebrew faith), as being the date of the death of the god of gold of the Babylonian system that has been held in international veneration for tv/o millenniums and a-half. The fatal blow against it was dealt by Britain when she went off the gold standard on September 20, 1931, although, following the British financial crisis of that previous month when the Socialist Government resigned, the National Government was formed for the express purpose of preserving the gold standard. Now, by the stabilisation agreement, world values are,to be set on the unit of the British pound. In reality, what is that? Nothing more solid than a scrap of paper—a promise to pay, which, however, the whole world trusts. As France, with the Anglo-Saxon peoples, have set the pace, it seems that the remainder of the nations must eventually fall into line for their economic preservation, although it is to be expected that the upholders of gold will cause their god to lurch out in nasty fashion in its death throes before it is finally stilled. —I am, etc., G, Steel.