RATES OF EXCHANGE

Dominion, Volume 13, Issue 29, 29 October 1919, Page 8

RATES OF EXCHANGE

.THE CUSTOMS PROPOSAL.

The proposal of the Customs Depart- ' ment to fix, for purposes of Customs «;.• duties, the rates of' exchange on the '-United States more in accordance with tho actual rate than tho standard rate existing before the war is discussed by 'the senior British Trado Commissioner in Australia, Mr. S. W. B. M'Gregor, in a letter to the secretary of the Auckland Chamber of Commerce. Mr. M'Gregor, who has been supervising the British trade interests in New Zealand during tho absenco from the Dominion of Mr. : B. W. Dalton, the British Trade Commissioner for New Zealand, -writes as follows:— "In my opinion tho proposed change ' is just, equitable, and in the best inNew Zealand and Empire trade. . Now that the war is over and the British manufacturer and trader are generally recovering themselves after a . period of dislocation and disorganisation, out of all proportion to anything suffered by the Am.erican manufacturer, it appears to me right and proper that the fanner should not lose that percentage 1 of preference to which they are entitled by law by v reason of tho maintenance of an artificial rate of exchange, for Customs purposes with America. "It is not. true that British manufacturers have no desire, at present, to cater for overseas trade. In spite of the great strain imposed on the resources ' of. British manufacturers in connection j -with the reconstruction of Great Britain, Belgium, and Northern Franco,, a very largo overseas trado is going on, the fames showing that the exports from "the United Kingdom durinsr the first six months of this year, were at a rate of 20. per,cent., as regards value, greater than : previous to the war. On tho other hand, tho New Zealand Customs returns show that, very considerable quantities of goods are arriving, from the Old Country. : "It is very evident to mo from iriy own correspondence, and many letters shown to me-.by agents and representatives, that tho ;British manufacturer is very much .alive to the importance of New Zealand , 68 a market." "