RATE OF STERLING EXCHANGE
STATEMENT BY SIR JOSEPH WAKD. By TeleirraDU-Press Association. Auckland, August 6. Sir Joseph Ward says the fall in the rato of sterling exchange in.America was no doubt very serious as affecting trade. When' be was in New York the Value of the pound was i dollars 45 cents, which, at the pre-war rate, was equivalent to eighteen shillings. That meant a loss of ten per cent., and he understood it had since fallen further. Unless an effort was made to maintain trio rate of exchange nt the liormaPnguro it was bound to haVe a bad effect upon the trade, not only of Britain, but of all countries America buys from or sells to. Our exchange from this country io Britain was'far beyond what it should be, and in tho interests of financial institutions themselves and of countries affected, there must bo found an effective remedy. As New Zalnnd is a great selling- country of natural products, it is most important that something should bfe done. Ho would go fully into' the matter as soon as he bad an opportunity.
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Dominion, Volume 12, Issue 267, 7 August 1919, Page 4
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183RATE OF STERLING EXCHANGE Dominion, Volume 12, Issue 267, 7 August 1919, Page 4
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