THE OALL FOR ACTION

Waikato Times, Volume 114, Issue 19013, 2 August 1933, Page 9

THE OALL FOR ACTION

(To the Editor.) Sir,—The contribution of your good correspondent “E.C.H." in Friday’s issue at least displays an honest desire on the writer’s part to face up to the facts of the present unhappy position and to put a period to the ’vacillating attitude at present so much in evidenoe among our leaders of industry and government. The suggestion, however, of a referendum on whether we should be a primary or a secondary industrial community indicates to the present writer that our good friend has at best been but lightly touched as yet by the volume of new age thought at present invading and profoundly stiring the Waikato country districts. Why choose between these two issues for the sake of either section? Why cannot we have both, and balance up our local economy In a rational manner? Does our wealth consist of the goods we dump in London or in that which we consume and enjoy here? To be the dairy farm of the Empire and 'to trust to our climate and our women and children’s unpaid labour to enable iis to undersell our rivals on the London market is surely a poor sort of Ideal to stump the country upon. I am aware that it vyould have gone down two years ago, and Indeed Sir James Parr aroused much enthusiasm along these lines. The Waikato farmers to-day have, however, entered upon the unique policy of doing their own thinking. They are, in their thousands, now looking past the city Press for their Inspiration, apd the discussions at the various Douglas classes In the country are of a nature to cause captains of Industry and orthodox grave concern, Ten years ago or more some of us were rebel epopgh to advopate free trade, agricultural banking and so forth. The denial and repression of our alms by our opponents of those days caused some of us to dig deeper, and we have now traced our troubles definitely to tl)e lair' of the financial system of our Western civilisation. It is a mapy-hpadeij apd soulless monster, because it is impersonal. It bestrides the whole world and dictates stapderds of life, peace or war, and so forth. It Is self-elected, and not subject to recall. There is at present a slimy tentacle reaching out for New Zealand, mid the menace of this tentacle, known as the Central Reserve Bank Bill, will, If passed into law next session, tie this country for 25 years to the policy of the Bank of England and the fortunes of British sterling. British Industry Is mortgaged wholly to the British banking system, and a policy of free eptry of British goods might, under such conditions, prove a little too much of a good thing. At any rate, the surrender of our autonomy Ip financial polioy is a tragic price to pay for any trade advantage. I can at. least heartily agree with “E.C.H,” that the need of united action Is now clamant and imperative, but 1 submit that action should be in the direction of currency reform.—l am, etc.,

C. A. MAGNER Te Kowhal, July 30, 1933,