EXCHANGE RATES
COMMONWEALTH BANK MANAGER. (Per Press Association — Copyright.) AUCKLAND, June 27. The Governor of the Commonwealth Bank (Mr E. C. Riddle), on his way to Ottawa to represent his hank, discussing the exchange rate question, said that, in order to prevent a breakdown, the Bank had assumed responsibility in Australia by fixing the price, at which it was prepared to buy from trading banks or the public.
Thifi had prevented a collapse of the exchange at a time when it appeared inevitable. The Bank took the veiw that it should be guided in fixing the rate entirely by the | economic and financial position at a time. “If a high rate is desired in order to assist any particular section of the community we take the view that this 1 is a political matter and one entirely for Government action and responsibility.”
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Hokitika Guardian, 27 June 1932, Page 6
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142EXCHANGE RATES Hokitika Guardian, 27 June 1932, Page 6
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