CURRENCY REVALUATION

Otago Daily Times, Issue 27505, 27 September 1950, Page 7

CURRENCY REVALUATION

Australian Liberals Exert Pressure

SPECTRE OF INFLATION NZPA—Copyright

Rec. 11 p.m. CANBERRA, Sept. 26. Nearly a dozen speakers at a Liberal Party meeting this afternoon urged revaluation of the Australian currency as the course to be followed to halt the inflationary spiral! There was only one dissentient —a West Australian who declared that it would mean wiping out the gold industry. All speakers opposed a wool tax and produced sheaves of telegrams to demonstrate the feeling against the proposed measure. At a Country Party meeting, protests were also made against a wool tax. The separate meetings are continuing. A group of Liberals is stating openly that if the Country Party stands in the way of measures designed to combat inflation, then the Prime Minister, Mr Menzies, must consider breaking with the Country Party. Observers, however, have noted signs that certain Country Party members who opposed revaluation are now weakening. It is suggested that the desperate nature of the position has given strength to the forces led by the Minister of Supply, Mr R. G. Casey, who desire revaluation, and that the possibility of appreciation of the Australian £ to parity with sterling is closer than ever before.