STICKING TO GOLD

Poverty Bay Herald, Volume LIX, Issue 17954, 5 December 1932, Page 5

STICKING TO GOLD

SOUTH AFRICAN POLICY CONDITIONS IMPROVING CAPETOWN, Dec. i*. General Ilcrtzog, addressing his constituents, gave no hint of a change of monetary policy. On the contrary, lie said he could not imagine that a greater calamity could befall a conn try than if it were so foolish, as to go off the gold standard. He accused General Smuts of gross ignorance regarding the recovery of Australia and quoted a Melbourne report that wool production cost 9 Id, and the wool only realised B}d per lb! The wool committee had stated that the industry was on the verge oi collapse in Australia. Similarly, Britain had to compromise with her creditors or declare insolvency. Likewise devaluation was blind robbery within the law and only justified by the dirc.-t state of necessity. General Hertzog said he was convinced that the economic conditions of the Union were on the mend. The defection of the Laborites at Germiston was another indication of the efforts of the enemies to rob the Afrikanders of their language rights. Ho announced his retirement from politics after the general election in 1934.