BRETTON WOODS

Te Awamutu Courier, Volume 72, Issue 6239, 7 June 1946, Page 5

BRETTON WOODS

FARMERS EXPRESS CONCERN REFERENCE TO SERIOUS POSITION Reference to what was. considered a serious position arising from the Bretton Woods agreement was made at the monthly meeting of the Tauranga branch of the Farmers’ Union. The subject was raised when the president (Mr H. O. Lloyd) referred to a remit from the Bay of Islands concerning it, carried at the Auckland provincial conference. This remit urged members to oppose the ratification of the Bretton Woods agreement in so far as it would take from the Government the vital sovereign right of control of its money system. It was also felt that it was a weakening of the bonds of the British Empire. After Mr Lloyd had further discussed the question, Mr R. McNaughton asked if it were not the basis of the American loan to Britain. The president, in replying, said that it did not tie iNew Zealand. Australia and New Zealand could stand independently. Mr R. W. Strugnell pointed out that Russia had asked America for a loan and America had said that she could have a loan if the Bretton Woods agreement were signed. Russia had declined. • The president: I don’t blame them. Mr Strugnell stated that he thought Mr F. W. Doidge, M.P., had made the position fairly clear throughout the country. Mr McNaughton .thought that the mere fact that the Bretton Woods agreedment was a basis of the loan from America, compelled Britain to sign. The opinion that there was no need to have gone to America for the loan was expressed by the president, who added that Canada could have met it. Mr Sturgnell: I think Britain could have done without the loan. The president referred to efforts made to obtain copies of the Bretton Woods agreement. The speaker favoured a full discussion of the subject publicly so that the people understood what it meant. He would like to see a public meeting called to discuss the question. By Britain accepting the agreement it seemed to the speaker that there might be a detrimental effect on New Zealand. It might affect New Zealand’s markets, and, incidentally, the Dominion’s imports. “It looks to me as if America will hold the whip over the world,” added the president. Mr McNaughton: In trade. Mr Lloyd agreed, both he and Mr McNaughton referring to the serious position. The president said that he had been endeavouring to find out when the question was going to be discussed in the House. A lot hinged on Mr Nash’s visit overseas.

Mr McNaughton: A lot doec. I understand. Mr Nash is on the mat in London this week.