REASON FOR RESIGNATION

Taranaki Daily News, 21 January 1933, Page 7

REASON FOR RESIGNATION

MR. W. D. STEWART’S LETTER NOT IN ACCORD WITH CABINET CANNOT AGAIN GIVE WAY BRILLIANCE OF MINISTER Bi Telegraph.—Press Aneoeiat .on. Wellington, January 20. The letter containing his resignation which was sent by Mr. W. Downie Stewart to the Prime Minister for transmission to the Governor-General set out the reasons for his action. The letter stated:— “My Dear Mr. Forbes.—l regret to say that as I find myself not in accord with the proposal of Cabinet to get the banks to raise the exchange rate and to indemnify the banks against any loss they may incur in carrying out this policy, I feel it my duty to resign my portfolios and ask to be relieved from office. „ ■ , “I need hardly say that I realise the difficulties with which the Government is faced and that it is the duty of each Minister to do his best to harmonise his views with those of his colleagues. You may remember that last year I subordinated my views on the question of a statutory reduction in interest and on certain questions of taxation in order to agree on a common policy, but it is not feasible to repeat this line of action on so important a question as that of exchange. My continuance in the Ministry would 'therefore be a source of embarrassment and not of help to the Government. “I desire to express my thanks to you personally and to your colleagues for the generous help and consideration you have always extended to me during my term of office. I shall be glad if you will agree to make * public this letter at the same time as publicity is given to the decision on the exchange question. I shall also be grateful if you can make it convenient to release‘me without delay, in view of the near approach of the session and the necessity for your making other ararngements. I do not think there is anything to be gained by waiting for the decision of the Associated Banks, as this may take some days, and is hardly material from my point of view. "I enclose for transmission to his Excellency the Governor-General my resignation, and I will be obliged if it can be dispatched as soon as possible. Assuring you of my continued personal esteem, yours very sincerely,” (Sgd.) Wm. Downie Stewart.

“I should like to say that as Prime Minister I could not have wished for a more loyal or delightful colleague than Mr. Stewart,” said Mr. Forbes in making the announcement of Mr. Stewart’s resignation. “His attainments and his ability, combined with his high personal qualities, peculiarly fitted him for the Ministerial position in which he has rendered signal service to his country, particularly in connection with the negotiations of the recent trade agreement with Canada, at the Imperial Economic Conference at Ottawa and on his subsequent visit to London. I appreciate the reasons which have brought about his resignation and, although he is retiring from the Cabinet circle, I shall always value the personal friendship which.has existed between us and which I know will last until the end of the chapter.' LAWYER EDUCATED IN OTAGO. TARIFF TREATIES NEGOTIATED.

Mr. Downie Stewart, younger son of the late Hon. William Downie Stewart, was born in Dunedin in 1878. He was educated at the Otago Boys’ High School and the Otago University, where he graduated LLJB. in -j9O, In the same year he entered into partnership in the firm of Downie Stewart and Payne. He was elected to the Dunedin City Council in 1907, 1909 and 1911, and in 1913 he was elected Mayor of Dunedin. Mr. Stewart is joint author with Professor L. Rossignol of “State Socialism in New Zealand,” which was published in England and America in 1910. He contributed a valuable preface to the English translation of Siegfried’s “Democracy in New Zealand,” which was published in 1914. He was a member of the Otago University Council (representing the Dunedin City Council), and is a director of the National Insurance Company and the Westport Coal Company. In 1905 he unsuccessfully contested Dunedin South against Mr. J. F. Arnold. At the election in 1914 he defeated Mr. J.- T. Johnson and Mr. W. E. J. Macguire in the election for Dunedin West. In 1918 his opponent was Mr. J. A. Brown (Official Labour), whom he defeated, the poll resulting: Stewart 5712, Brown 3291. In 1915 Mr. Stewart volunteered for service in the Great War, and, with the rank of captain, served in France for two years, when he returned to New Zealand invalided, suffering from severe rheumatism—a trouble from which he has not yet recovered. In 1920 he was offered Ministerial rank by the Prime Minister, and accepted the important office of Minister of Customs. Later on he also became Minister of Internal Affairs, Minister in Charge of High Commissioner, Audit, Museum, Registrar-General, Statistician, Laboratory and Advertising Departments. The session before the last election Mr. Stewart successfully negotiated with the Commonwealth Government a reciprocal tariff between Australia and New Zealand, and the result of the agreement has done much in the way of establishing industries in New Zealand. In the election in 1922 Mr. Stewart was opposed by Mr. C. M. Ross, whom he defeated, the voting being: W. D. Stewart (Reform) 5437.? C. M. Ross (Labour) 4156. Upon a reconstruction of the Cabinet Mr. Stewart relinquished the portfolio if Internal Affairs, which was taken assumed that of Minister of Industries and Commerce and Minister in Charge of the Board of Trade. He was Minister of Customs and Industries and Commence until 1928, and in 1926 was appointed Minister of Finance and Attor-ney-General, while he was also ActingPrime Minister. In 1927 Mr.. Stewart negotiated a tariff treaty with Japan. He was appointed Minister of Finance and Customs in the present Coalition Government in September, 1931, and attended the Ottawa Conference and afterwards visited London in the interests of New Zealand. He also concluded the Customs agreement with Canada.