N.Z. EXCHAN'GE

Rotorua Morning Post, Volume 2, Issue 443, 30 January 1933, Page 5

N.Z. EXCHAN'GE

(Press. Assn.—

fnancial critics condemn increase as breach of faith ANOTHER BARRIER

-By TelegrapP— Oooyrlgnt).

Rec. Jan. 29, 11 p.m. London, January 29. The Stock Exchange Gazette condemns New Zealand's exchange uplift as one more offensive in the grim war of tariffs, prohibitions and other legal economic weapons. It adds, the worst feature of the exchange is its breach of the spirit of the Ottawa conference. The Government has struck a blow at England's trade, despite Ottawa's attempt to foster Empire trade.. It means the raising of barriers. Mr. Downie Stewart rightly resigned rather than countenance sueh an anti-Imperial move. The exchange alteration will involve an inerease of external debt and is bound unfavourably to affect New Zealand securities. One of the worst features of New Zealand's action is that Australia is virtually compelled to maintain its rate at the present level when everybody hoped for an improvement. A London message states that encouraging reports of industrial activi- " ties come from the Continent. Some Roubaix woollen factories are working to capacity. The only discouraging tidings are from Germany where political uncertainties have resulted in almost 500,000 inerease in unemploymeait.