HIGH EXCHANGE
FAVOURED BY MANUFACTURER. A BENEFIT TO N.Z. CHRISTCHURCH, December 15 Both a primary and a secondary producer, Mr G. F. Davits, head of the Davis Gelatine Company, which is established in Australia and New Zealand, i s a firm believer in the, benefits of a high exchange policy. In his opinion it would assist New Zealand just as it has assisted Australia.
“Our hum's export trade is still growing, and-.it h«,g'oeen very, materially assisted by the high rate of exchange in Australia,” said Mr Davis, in the course of an interview. “What we have lest in Australia and .Kew Zealand through the depression has been made up by the increase in our exports, and the high exchange is undoubtedly the factor which ha 6 made that possible. In supporting high exchange, I . speak with knowledge of both the primary and secondary industries, ■ for apart from the gelatine .business 1.-grow. /sheep, and wool and wheat.
“I think high exchange would bene fit New Zealand as it has helped Australia, I know the farming industry in Australia very well, and two week ago in that industry they had the busiest week in 15 years. That was because the industry had been stimulated by the h'-gh exchange, which made possible the profitable sale of leather in the markets of England and the East. “The average banker will tell yov. that high exchange mean. s an increase in the cost of living. That may or maj not be s 0 in New Zealand ; but it certainly was not so in Australia, Since 1929, exchange in Arkrnlia has been standing at 25 per cent, on Britain and 58 per cent, on Africa, and the cost of living has dropped during that perici.' by at least 25 per cent.” rMr Davis said that conditions generally were decidedly better in The industrial turnover had inoieasec by quite 20 per cent, since June last, as compared with the eocond half of last year. There wa-s « murh mw cheerful outlook, with less unemployment, and a freer movement of money All this was the result of the- Australian policy of protecting and encoucag ing local
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Hokitika Guardian, 16 December 1932, Page 7
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357HIGH EXCHANGE Hokitika Guardian, 16 December 1932, Page 7
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