EXCHANGE RATES
PROSPECT OF ALTERATION.
WELLINGTON, September 29
New Zealand’s annual interest bill on her oversea indebtedness is payable in sterling, and it was pointed out by a high financial authority this moimng that, as. long as the exchange rates, New Zealand on London, remained as at present, it would make no difference whether sterling was off the geld standard or on it. Jf, however, sterling continued to be depreciated and some rise were shown in the prices ol New Zealand’s primary J exportable products then an alteration in the rates of exchange could be expected, with a prospect of their dropping to parity. In that event, interest payments would he affected to the appreciable advantage of New Zealand. ‘•.lt is clear,” added the authority, “that a rise in the prices of our primary products overseas means that we will have to sell fewer products to obtain the required amount in sterling or, in other words, our oversea obligations will absorb a lesser proportion ot our exports.”
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Hokitika Guardian, 1 October 1931, Page 6
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167EXCHANGE RATES Hokitika Guardian, 1 October 1931, Page 6
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