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Rotorua Morning Post, Volume 1, Issue 153, 20 February 1932, Page 5

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the exchange rate MR. C. J. B. NORWOOD STATES CHAMBERS OF COMMERCE' ATTITUDE GOVT. MANIPULATION WELLINGTON, Friday. Remai'king .that a misconception i appeared to- haye Been circulated in some quarters, Mr. C. j. B. Norwood, , president of the Wellington Chamber of Commerce, said to-day that Chambers of .Gommerce have ever been consistent in their ojbjection to State or local body interference with private enterprise and ordinary trading, and the extreme step of what might be termed commandeering the whole country's exporting productions for protecting the Dominion's credit to the extent of s.ome £14,000,000, was one that appeared somewhat drastic. While fully sujJporting the conten • tion that the Dominion's credit must be kept be kept unblemished, neverfheless this did not (jispose of the contention that other steps might have Been followed to acbieve the same end. pefinite expressions 6f opipioji had been made by representatives of Banks that the position was such a's nofc to warrant an increase above th,e present exchange rate of 10 per cent. Contemporaneously with representations that had been made from Chambers of Gommerce against any artificial fixing of the exchange rate and against closing of market for exchanges, there had been controversy from other sources in advocacy of the exchange rate. Many advocates of this latter confused as being synonmous ferms, the question of (a) free exchange, and (b) that of a rate of .say 25 per cent. 01* 30 per cent. Persistent propaganda in this dir-' ection had no connection with the steps taken by Chambers of Commerce ±0 endeavour to have cleared up matters arising out of the credit pool and fixing a non-competitive rate of exchange. Chambers of Commerce still stand for the principle of nonipterference from the Government, and definitely against any artificial pegging of the exchange rate.