NEW ZEALAND TIMBER TRADE
EFFECT OF EXCHANGE INCREASE (By Telegraph—Press Association) GREYMOUTII, 13th January. The sudden increase in the exchange on drafts drawn on Australia came as a bombshell in Greymouth, where to-day protests have been lodged with bank authorities by various timber exporters. It is pointed out that this additional tax, which amounts approximately to 2s per 100 feet, will effectually extinguish timber exportation from New Zealand to Australia, which has been specially valuable to the sawmilling industry of the Dominion.
It is hoped that-, ns the balance of trade between the two countries does not justify an excessive exchange rate in either direction, banks may reconsider their decision so far as genuine trade transactions are concerned, their action amounting practically to the imposition of a duty of 2s a 100 feet against New Zealand timber.
In addition to the sawmillers’ protest to the banks, tlie Harbour Board tonight upheld its chairman in entering a protest, and the Chamber of Commerce is expected to do likewise later in the week.
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Nelson Evening Mail, Volume LXIV, 15 January 1931, Page 8
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171NEW ZEALAND TIMBER TRADE Nelson Evening Mail, Volume LXIV, 15 January 1931, Page 8
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