THIS PROSPERITY!

Otago Daily Times, Issue 23595, 3 September 1938, Page 24

THIS PROSPERITY!

TO THE EDITOR Sir.—Labour supporters, never tire of extolling Mr Savage and his Government, and would have Us _belleye that it is because of their business acumen that conditions have been easier during’ the oast three years. Actually the position is due to two factors, first, increased prices obtained for our exports, and, secondly, substantial London credits bequeathed to the Government to draw on. For the three years 1931-33 our exports realised a total of £110.979.000, and for the three years 1936-38. £174.918.000 —an increase for the three years of £63,939,000. Not content with this huge extra sum to draw on, the Government has been responsible for,the shrinkage of London funds from, £45,228,736 (March 31. 1935), to £26,555.000 (March 31, 1938). This means we have, during the past three years, eaten into our reserves, overseas, to the tune- of £18.673,736. It looks as though the exchange rate will Soon jump another 10 per cent, at least, which will mean ariother 8d per pound pnitea. Jd pe r pound oh . sugar, etc., making it more difficult still foi ' those outside the favoured few to enjoy really the increase in, wages..- .. v , Like many thousands of others, I am wondering what is going to happen if the present Government is returned at the forthcoming election. One can only hope that the people will have realised by then that Labour is inr competent to govern.—l am. etc..’ Prudent.