DOMINION ITEMS.

Hokitika Guardian, 21 October 1924, Page 3

DOMINION ITEMS.

IIY TEt.EGHAPU —I*ll ESS ASSN., „COP YIUGIIT THE EXCHANGE RATE. STATEMENT BV MB WILLIAM Watson. WELLINGTON. Oct. 17. Doubts have been east on a statement made by the hanks that they aio holding an excessive accumulation ol funds in London. Mr William Watson, acting chairman <>f the Bank ol New Zealand, has made the following announcement: — “Regarding that feature of the exchange position, so far as the Bank of New "Zealand is concerned at present, the resources of Hu* Rank in London amount to nine million and a-lialf. Ill's U at least five million more than is required for the conduct of the bank s business, and at times during the present year the surplus has been some millions in excess of tbc present lioures. On this large amount ol liumev there is earned only oneMialf the interest which could be obtained > tile funds could bo transferred to the Dominion. It should therefore be oti-c-ions that it would lie in the interest of the hank to have the excess o i O resources in London made ayailahh for business in New Zealand. As i i inability to transfer these* snip us funds to New Zealand lias "I,lured the bank to restrict advances in the Dominion. If the bank considered only its own interests it would not i>mchaso auv bills on Lmuloii until by sales on exchange its funds had been reduced to satisfactory figures. Such " drastic measure would, however, be disastrous to exporters and prodm-eiy. Therefore it i» better for u’ cu fare of tile Dominion as a whole that nil hills offering should Ik? purchased, the hank charging an exchange rate to enable it to meet the exceptional position now existing.

WATERSTDERS’ WAGES. DUNEDIN. October 21. The Dominion Watersiders dispute was resumed at tho Arbitration Court. Roberts for the Federation, produced returns compiled showing that nt the ports of Nelson. Oam.aru. Pieton. Onehuima the average time worked weekly wa5"17.33 ordinary. 4.03 overtime and 1 °4 special overtime, giving total earnings at C2 10s Id. At Timnm. No"; Plymouth. Gisliorne. Napier. Wanganui and Bluff, the hours averaged 28.03 and the wage C 3 13s Bd. At Auckland Wellington. Lvffelton, Dunedin and Pt. Chalmers 20.8-3 hours, with an avon„c wage of £3 1-l.s 7d. The wages claims of the based on thirty hours at the principal ports, was 2s 9d and based on 23 hours_ at Bluff, Tiniam, Napier, Gisborne, New Plvmoutli, and Wanganui 2s lid.