By... C. R. MENTIPLAY N.Z.P.A. Correspondent, Sydney

Wanganui Chronicle, 9 September 1950, Page 5

By... C. R. MENTIPLAY N.Z.P.A. Correspondent, Sydney

"most people would probably agree now that the Fadden pound is worth no more than 7s 6d.”

Mr Fadden claims that the present situation is due to “a whole web of policies initiated and fostered during the post-war years by our predecessors,” and believes that if the Australian pound was to be revalued it should have been done by the Chifley administration when sterling went down last October. He suggests also that revaluation would not ease the general situation, much as though it. would help absorb surplus wool profits. It would operate Io the disadvantage of wheat and meat growers, who are already meeting resistance on the world market. There is no secret that the revaluation issue has caused symptoms of a split in the Menzies-Faddfen Cabinet. Mr Fadden and the Country Party pledged themselves in December to fight any attempt at appreciation of Australian currency, and this is what they are doing. The Liberals, who form a majority of the Government and Cabinet, are inclining strongly to the opinion that appreciation is 'the best way out.

At the same time, the Government is facing the prospect of a double dissolution over the Communist Party Dissolution Bill when Parliament reassembles this month. It would obviously be a serious matter politically to alienate either i.he Country Party or the primary producers at this stage.— Special NZPA Correspondent.