NO SURPRISE CAUSED
(By Telegraph—Press Association.)
AUCKLAND, This Day.
"Today's announcement does not come as-a surprise to the commercial community," said Mr. A. Ely, president of the Chamber of Commerce. "It has been realised that the serious depletion of the London balances would require drastic measures to cope with it. It is difficult to follow the Minister when he suggests that the depletion of sterling funds is caused by over-importation accentuated by capital transfers."
Mr. Ely added that there were various traditional methods of dealing with the fall in the London balances of
banks other than by increasing exports or reducing imports, or raising a London loan. The last-mentioned expedient was in opposition to the declared policy of the Government, and short of raising exchange rates, which was also contrary to the Government's declared policy, there was no simple method of encouraging exports and at the same time reducing imports. It was hoped that the general restriction of imports would have sufficient braking effect to avoid discriminating against any particular commodities.
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Bibliographic details
Evening Post, Volume CXXVI, Issue 137, 7 December 1938, Page 15
Word Count
171NO SURPRISE CAUSED Evening Post, Volume CXXVI, Issue 137, 7 December 1938, Page 15
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