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EXCHANGE RATE

. * • NO INCREASE.

A RUMOUR CONTRADICTED

WELLINGTON, November 14

Definite assurances that no alteration in : the ' rate‘ of exchange, New Zealand bn London, is contemplated or likely to be ccUteinplated were given in official circles td-night.,. .. . A strange,rumour was in circulation to-day that a prominent New Zealand banker wlio. has,,set. l)is iace rigidly against pioppsals for.an increase in the late, had,returned to the Dominion from a recent Australia convinced that the Common w.ea.th policy of a high rate had proved itself to be a wise one and that perhaps New Zealand coulcl do worse than follow suit. To the rumour was added a tag that the Bank of New Zealand and tile National Bank had changed their vidws in favour cf a high rate of ex-‘ change.

Although admitting that. the story was in circulation bankers to whom the rumour was referred for. • what it .was worth quickly branded it as a stupid canard.

“It is absolutely false,’’ declared the authority about whom the fiction had been woven. “The banks do not approve of an increase in the exchange rate. . The position can be met by granting a bounty to the farmer. That is done in South Africa, where the bonus amounts, I think, to 25 per cent.” ’ v •*:

The Prime Minister was also quick to deny that any alteration in .the present rate would be made. “There is absolutely nothing in it,” ( he said.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/HOG19321116.2.16

Bibliographic details
Ngā taipitopito pukapuka

Hokitika Guardian, 16 November 1932, Page 3

Word count
Tapeke kupu
236

EXCHANGE RATE Hokitika Guardian, 16 November 1932, Page 3

EXCHANGE RATE Hokitika Guardian, 16 November 1932, Page 3

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