GOLD AND TRADE.

Waikato Times, Volume 112, Issue 18805, 29 November 1932, Page 9

GOLD AND TRADE.

(To the Editor.) Sir, —We must take gold as the standard exchange medium, and as the first stepping-stone to world stability; but we must not stop there, for our ultimate aim must he for the attainment of international brotherhood by evolution, not by revolution. What right has one or any two countries got to monopolise and hold two-thirds of the world’s minted gold? It has long been recognised in England that open competition is the life of trade. Therefore I would say emphatically, “Down with the trade barriers; away with the tariffs and quotas.” Just look in our own back-yard first. It is shameful for us to be asking for protection when we do not look after the quality ol' our goods correctly. Take our cheese as an example. It will seem a just condemnation of the tariff and quota system. How long are we as consumers going to toleraie this cruel and unjust method? We will have to pay very much more attention to the goods we are vending; the Pure Foods Act must function I better; we must give our customers j what they want, and what they have ! a perfect right to expeot. Then, and j then only, we may be able to command : a better price for our goods when I they are sent overseas. We are at the | parting of the ways now; wo have i been slipping, but we must come back and be more than just watchI fill. All nations must be represented ■ at the coming World Economic Coni ferenco. France and America, the j biggest holders of gold, should be ! asked by Iho conference to consent to pool their holdings of gold, together . with all ttie balances held by other ' nations, to form one international fund. Wo know exactly just what gold has been won from Hie earth, ; and any further quantities could also ; he held In reserve to give this scheme | some elasticity. 'The whole should , : lie apportioned on a per capita basis, j ! Then we could have a note issue as i | legal tender —say, it or \ to 1, or even j (as high as 7 to i ; and from this create la national and international world re-| ! serve with the bullion for a rainy j day. Then every country would he ' required to prepare its international ; schedule or produce exchange unit, i cadi one having its own goods to j vend, and all must work on par; to i try and keep the same standard of ! value. Tims New Zealand has its but- ! ter, cheese, wool, meat, limber, etc.: Turkey has her fruits; China lias her rice, etc.; every other country lias exports In some form. Then wo must pay heed to quality and standard and 1 place wages on an International basis. In New Zealand we are condemning 1 Russia for her Five Year Plan and for conscripting labour. What else are wo doing? We. have a nasly way of copying, only we try and find a politer name for it by saying relief. New : Zealand has led the world before in many things, and we must do it , again.- 1 am, etr., , : A. E. BELCHER. j | Hamilton, November 2s. j