LONDON EXCHANGE

Hokitika Guardian, 19 November 1932, Page 5

LONDON EXCHANGE

REMOVAL URGED ‘ TO RELIEVE ECONOMIC POSITION (Per Press AssociationCopyright } INVERCARGILL,, November 18. Although the main object of a meeting of the farmers that was held in Invercargill this afternoon was for the purpose of hearing addresses by Messrs David Jones (Chairman) and James Begg (member) of the Meat Board, an opportunity was also taken to pass the following resolution, in accordance with a request received, by telegram, from a member in the House: “That this meeting of producers of primary products respectfully urges upon Government the immediate necessity of lifting the rate of exchange between New Zealand and London as a means of relieving the economic positioh of the Dominion.” Mr Jones stated that the raising of the exchange rate was considered to be one of the best remedies for getting New Zealand out of her difficulty. He referred to what had been done in Australia, and concluded: “There is no better method of assisting the farmers to-day than by giving to us ft rate of exchange not less than that of Australia.” “MOVE MUST COME FROM BANKS.” WELLINGTON, November 18, Interviewed this afternoon concerning the proposals for the raising of the exchange rate, -Mr Forbes said that" there was little he could say in respect to the position from the Government point of view. The Government, said Mr Forbes, had not approached the Associated Banks in reference to the matter. “The first move must come from the banks,” he declared. “‘The banks accept the responsibility for the finances of the country, and they must make the move. It is not for the Government to do so.” NON-INTERFERENCE URGED. AUCKLAND, November 18. The Chamber of Commerce has telegraphed to the Prime Minister strongly urging non-interference by the Government in the exchange situation. The arbitrary fixing of a high rate, it declares, would probably force the Government to levy an ,export tax, as the only means of balancing, the Budget. it would be equivalent to an additional tariff, and would be contrary to the spirit of the Ottawa Agreement. PASTORAL COMPANIES HIT. LONDON, November 18. Mr Parker, at Dalgety and Ooy’a Ltd., meeting, said that Australian legislation reducing interest on mortgages'had hit the pastoral companies hard, and in the long run was bound to hit their clients, the very class it was designed to protect. He Roped before long to see some relief in the Australian exchange burden, which for the past two years had cost the Company £242,906.'