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.
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Hokitika Guardian, 16 November 1932, Page 3
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236EXCHANGE RATE Hokitika Guardian, 16 November 1932, Page 3
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