SIR JOSEPH WARD

Hokitika Guardian, 19 May 1920, Page 1

SIR JOSEPH WARD

FAREWELLED AT WELLINGTON. (Per Press Association.) WELLINGTON, May 18. Sir Joseph. Ward was farewelled by the Commercial Travellers’ Club this afternoon. It was a most enthusiastic gathering. The chairman said he wished to make it clear they were farewelling Sir Joseph Ward as a member of the Association, and also as a successful business man, rather than as a politician. •In tlie course of his reply Sir Joseph Ward said that he was going to England for the first time in 33 years as a private individual, lie appreciated that freedom very much. One of the things upon which he intended to talk with friends of his in the United States and England - was the adverse exchange .fates, especially as it affected New Zealand. He would tell liis friends in the States his opinion of the folly of trying to maintain such a high adverse rate when trade between both countries must suffer by it. He expressed the opinion that we would have to get an entirely new set of conditions to meet the altered situation. 'He believed that we must make up our minds that it would no longer be possible to have all our exchange clearances through London, because it was obvious that a very productive country like New Zealand ought not .to be penalised on account of the adverse exchange rate for the time being across the Atlantic. He was quite certain that New Zealand banking institutions would have ostablished branches in the United States, and, in turn, the United States hanks should be allowed to establish branches here.