EMPIRE EXCHANGE

Hokitika Guardian, 31 July 1923, Page 3

EMPIRE EXCHANGE

hates- ox DAIRY PRODECE. . PRIME MINISTER'S STATEMENT. WELLINGTON', d'dy The recent discus-ion* mi Empire *'Xchaico rates was the subject ol a Statement; by the Prime -Minister »> Parliament. , , Mr 0 J. 11 aw ken I'.gmont) aso. Prime Ali,lister whether any arra,moment had been made with regard tll ;,ra,.duel,ing out the exchange on p-ivmeuts for dairy produce shipped to London. The matter was an tit gen one: dairy companies were meeting, and wished to know where they stood. The Prime .Minister, in reply. suul Heit he was not yit in a position to ,av that a satisfactory arrangement had been made, lie was aware ol the jifPu-k- in ihe exchange, as between England and New Zealand. H was accentuated hy the fact that the bairn,,.,. of trade told against Now Zealand. as far as Great RritaiiVwa* concerned. The exports from New' Zealand were greater than tin* imports, and while it was a matter for coii,,deletion to the eoumry. it made rbe matter of arranging the tran-fer -,f money mere difficult than tor a long time past. . Mr Massey added that, during the . .-.... uigiu. the Government had u. send half-a-million to London, and. instead of having to pay exchange, they got a premium of one-half per cent, a Ad thev made a gain of £2-500. On the other hand, for tho transfer of

money from England to New Zealand, the rate was from 21 Is to 35s per cent. "I don't* know how the matter is going to improve,'' said the Prime Minister. "1 have lead with interest what the chairman of the Associated Banks of New Zealand said in regard to ihe proposal for Empire currency hills. If it were possible lo ship gold, the diliieiilty would he got over, or, if imports improved it would he lessened. However, it is not desirable to encourage imports to increase beyond a certain proportion. 1 am watching the matter very carefully, because of Its importance. it is certain to he discussed at the Imperial Economic Conference. at which I still hope to be present.'’