"BURNING QUESTIONS"

Evening Post, Volume CXIV, Issue 126, 24 November 1932, Page 14

"BURNING QUESTIONS"

CENTRAL BANK PROPOSAL

STOCK EXCHANGE VIEW

Mr. E. Bucholz, chairman of the "Wellington Sjock Exchange, presided at the annual meeting of the exchange held last evening. The chairman, having commented on the statement of accounts for the rear ended 30th September, said: "When addressing you on the occasion of our annual meeting twelve months ago, I stated that the year 1930-31 would probabiy go down to posterity as the most extraordinary financial period in the history of our civilisation. But at that time what individual or' nation could Have foretold the stupendous financial operations of Great Britain after being forced off the gold standard in September, 1931? The successful flotation of a conversion loan of 2000 millions at a low rate of interest in the face of a comparatively high bank rate was a daring proposition only, capable of being undertaken by financiers and statesmen of high courage and ability. Therefore, 1932 is likely to be remembered as the greatest financial year of the British Empire. May it be- the turning point for better times, showing the way for other nations to follow and lead into smoother water. "Amongst so many happenings is the outstanding one of the Ottawa Conference. The lessons learned there by delegates appear, to have been some understanding of each others' difficulties. This in itself was worth while, and as no fairy wand is in existence nowadays the desired results will be obtainable only by tolerance, sympathy, and fair dealing, and more especially playing the game by each unit of the Empire. , .. , EXCHANGE AGITATION. 1 "Coming to our own more local affairs. With all primary products at such low price levels, naturally we are anything but a happy and contented family. ' The burning financial- question has been exchange, which has burst into a greater, flame than ever. Unfortunately it may have its reactions which may have even much more serious and far-reaching effects than those of the Dairy qontrol pool of a few years ago unless it is handled by, experts of long vision with practical knowledge of cause and effect. The repercussion of a downward' exchange from a high point is an evil certain to occur, and yet it cannot be anticipated. It is highly probable to prove disastrous to the trading community, in any case. "Another matter moment is tha proposed central reserve bank. With the whole world iri the melting pot it is hardly sound reasoning to push on with a measure of such importance until after the World's Financial Conference,'to be held in London in April next. No harm can be done by waiting, and it requires little thought to realise that extraordinary happenings are possible in currency and finance at no distant date. The world cannot carry on in its present state. What the remedy is appears ,to be in the lap of the gods." ELECTION OF OFFICERS. . The statement of accounts having been adopted, the following elections took place:—Chairman, Mr. E. Bucholz (re-elected); vice-chairman, Mr. Martyn Hume (re-elected); committee, Messrs. E. Lawson, N. S. Perry (reelected), and T. K. Lawson. x ■