EXCHANGE RATE

Hokitika Guardian, 5 February 1932, Page 6

EXCHANGE RATE

PROFESSOR COPELAND CRITICISED SIR H. BEAUCHAMP'S OPINION. (By- Telegraph —Per Press Association) AUCKLAND, February 5. Commenting on what he termed “missionary work” being carried out in •the Dominion, in favour of high exchange rates, by 'Mr A. C. Davidson and his associate. Professor Copeland, 'Sir Harold 'Beauchamp said that it was significant that neither had converted the reot of the executive offers of trading banks, or directors of tiie Bank of New Zealand. The opinions of 'the two visitors were based more on theory than on practice, be claimed. Rates ° 1 exchange and other 'banking matters should be left to the hankers, and policies, should not be dictated by economists, or farmers, who were lacking in knowledge ot practical effect. 11 the exchange va'te .were increased from lU to 2d per cent., £3,500,000 would he taken iron.’ one section of the community, and plae *. in the pockets of ahe farmeis. The disturbance of Government finance would hr* simply alarming. : Sir Harold also said that the Directors of *tne Bank of New Zealand held 'the view that conditions which, hi the-" immediate past, had governed Australia, were nee applicable to New Zealand. He would point out that for some years, Australia’s imports had exceeded the imports by thirty millions yearly, whereas we had had an excess of exports.