Mr. Merritt:

I do not think that I shall

have such a hard time.

Mr. Speaker:

Order.

Mr. Merritt:

Surely, Mr. Speaker, when

we see country after country putting on import restrictions-South Africa is the most recent one, whose restrictions greatly affect us in British Columbia-it must be plain that the cause of these restrictions on goods is the rigid exchange rate maintained by the countries which signed the Bretton Woods agreement. What I am suggesting to the minister is that, as a matter of government policy, this country should let its own currency find its proper level.

Mr. Abbott:

What level is that?

Mr. Merritt:

And that it should bring its

influence to bear upon the other countries which are signatories to that agreement, with a view to their doing the same thing, so that we may bring about a proper relationship between our rates of exchange and our terms of trade and those of the countries of the world, and get back to some kind of normal flow of trade.

Mr. Abbott:

Would my hon. friend allow a question?

Mr. Green:

No.

Mr. Abbott:

Just one more question.

Mr. Merritt:

One more when I have

finished.

Mr. Abbott:

One more, and I will not ask

anything further.

Mr. Knowles:

Is the hon. member getting

time and a half on this, as overtime?

Mr. Abbott:

Just one more question; will my hon. friend allow it?

Mr. Merritt:

Yes.

Mr. Abbott:

Has he read the Bretton Woods agreement?

Mr. Merritt:

Yes, Mr. Speaker, I read the Bretton Woods agreement. I read it in 1945

The Address-Mr. Merritt when my hon. friends of the Social Credit party were putting on quite a filibuster against it. I will tell the Minister of Finance the clause in the Bretton Woods agreement which I liked best of all when I read it, after listening to the speeches of my hon. friends of the Social Credit party. It was the clause which said that any country could withdraw from the Bretton Woods agreement without any lengthy notice.

Mr. Abbott:

I should like to ask another question but I said I would not. Does my hon. friend suggest that we should withdraw from the Bretton Woods agreement? I should not ask the question.

Mr. Merritt:

Mr. Speaker, I do not think it is the wish of the hon. member who is to follow me to start his speech at this late hour; therefore perhaps I might say one word and then conclude. To get back to what I had intended to say when the Minister of Finance interrupted me, and in conclusion, I wish to say to him that in British Columbia we believe that we have a tremendous opportunity for progress and prosperity if we can attract to our province large amounts of outside capital to expand our industry, and of course a large number of new people to work in that production and to provide the additional market for our goods. I believe that people and capital alike, because capital is only savings in the hands of the people, are attracted by freedom, and not by restriction. No matter how proud the government and the Minister of Finance may be of his present restrictive policy-

Mr. Abbott:

He hates it as much as the hon. member does.

Mr. Merritt:

-I am sure that they will do nothing to enable us in this country to go ahead to the expanded future which we see before us under freedom. I suggest to the minister that he take seriously some of what I have said this evening. If he does, I think he will find in it the kernel of what is wrong with his policy, and some useful suggestions as to how we, when we come into power in a very short time, will set things right.

On motion of Mr. Knight the debate was adjourned.