EXCHANGE RATE
(Press. Assn.-
increase in australia condemned by bankers and business men COURSE NOT JUSTIFIED
— By Telegraph—
-Copyright).
Rec. April 14, 9.40 p.m. SYDNEY, Thursday. Bankers and business men condemn the suggestion that there should be an increase of the exchange rate. Bankers assert that such a course is not justified by the prevailing conditions. There is no abnormal demand for London money, and no difficulty has been experienced in buying all required at current rates. Any advance in the rate would they say, considerably increase the taxation burden. It is added that the present high rate has already reduced the import trade, while the effect on internal prices has been to increase the cost of living. Business men agree that the Commonwealth Bank, which is already handling the position satisfactorily, should be subjected to no political interference.
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Bibliographic details
Rotorua Morning Post, Volume 1, Issue 199, 15 April 1932, Page 5
Word Count
139EXCHANGE RATE Rotorua Morning Post, Volume 1, Issue 199, 15 April 1932, Page 5
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