RATE OF EXCHANGE

Hokitika Guardian, 28 November 1932, Page 6

RATE OF EXCHANGE

THE NEXT MOVE.

(Per Press Associationr - l opyr-ght )

AUCKLAND, November 2-7

The next move is with the Government, sain- Mr 'Oliver Nichdsen, Chairman of the Bank cf N.w Zealand Directors, on return from Wellington, when referring to the exchange question.

FARMERS’ RATES

AUCKLAND. November- 27

The Bank- of New Zealand’s rule relief proposal has been favourably received by Auckland County Council representatives, who emphasised t e difficulty that 'whs being experienced in the eo’-'lecting of rates at -present. The President of the Auckland Farmers’ Union, Mr Ross, said that derating was what they .had been agitating for years. The trouble about the present proposal w r as that -the relief would -apparently be for one year only, and the farmers wanted permanent help. Mr Ross pointed oat that the waiving of the land .tax was a small matter, and it would Kelp only the big men.

IMPORTERS PLEASED. CHRISTCHURCH, Nov. 26,

Canterbury importers applauded today the pronouncement of the Bank of New, Zealand -against a high New Zea-liand-London exchange rate, and expressed the hope that -exchange would be allowed to rise. or fall to natural levels.

ROAD LIABILITIES

AUCKLAND, November 27

One County official suggested that it would greatly help farmers if the Government arranged for the Highwavs Boi.rd to take over the local bodies’ liabilities for interest and sinking fund on 10-ans that had been raised in the past for roads- which were now main highways.

FREIGHT' CHARGES. WELLINGTON, November 26

It is announced by all steamship companies taking cargo , for the United States and' Canada that freights for Pacific and Atlantic ports and inland Canadian and l United States points, if paid at their destination, -ate, as usual, to be collected at par exchange. In the event of shippers specially desiring to- -prepay at the- port of shipment in .j>ei\v Zealand, a surcharge for conversion and will be made to bring the freight in New Zealand currency to the equivalent of the American or Canadian currency applicable on the day before the vessel commences loading at its first .port in New Zealand, such surcharge applying to ves-jals total loading m New Zealand. This will place freight paid as above on the same basis as, freight pay-able at the destination at..which it. is collected at the par rate of 4.86 dollars to- £. This change ief'necessitate: by the fact that the pi'oyious; surcharge of 10 per .cent- is hot suffic/eht to inept, on the ehiTent;Uasis, conversion at the tehoye- points..

SHEEP|pAVNER\S" VIEAV-S. CHRISTCHURCH, November 27. “Personally, I think that no such bonus would be of use to .the farmers,” said Afr AV, H. Nicholson, secretary of the Canterbury Sheepowners’ Union, regarding the .proposal- for a loan by the Bank of New Zealand for two millions to pay farmers’ rates. “New Zealand has gone so far along these lines, and the Government has borrowed money to such an extent thlat the chickens are now coming home to roost. AA r e have been borrowing when tli© £. was valued at 10s, and paying bock when the £ realised par or up to 30s. AA 7 e cannot produce enough goods to support these impositions.” Mi- Ncholson likened, the proposal to a man borrowing money to -pay rent on .a house. The farmers would have to pay- interest on. the money advanced to' them, and finally the principal would- bane to be repaid.