RATES OF EXCHANGE.

Taihape Daily Times, Volume XI, Issue 3437, 17 March 1920, Page 7

RATES OF EXCHANGE.

CHRISTCHURCH,‘ March 13. In a statement regarding the fall of the American exchange. a local merclmnt who lately l'L‘l'lll'lloJ from it business visit to the United States, said it was practically certain that once the Imperial commandeer is lifted from the Domfnionfs chief primary products there will be a con.<i(l.er::l:ole export to America. There is an excellent Inarket for WOOI. mutton, dried milk and other lines. Mutton can be disposed of on the Vi/‘est Coast of America, and possibly? butter as well. This is contingent on there being no big combines, which could prevent marketing. The fall in exchange is, of course. due to an excess of experts from America over imports. New Zcalzxml exports would inakc little difference in the ordinary way, because London is the clearing house. and exc}l:lil,qe.~'. rt-g'ul{l’ted from th(*l'v. M 1: indications now are that l1l(3l‘Cll:lll1‘$ are likely to ‘become f'neir own clearing honses——that is to say, in the case of a firm importing such a line as petrol it may in turn export wool,‘ or make certain arrangements with another firm which is exporting to a con signee of wool under instructions. that instead of forxvartkiilg drafts for pay ment to New Zealancl. he would pay the exporter of petrol. The exclxzmge p-ro-hleni by this lll€'til(_Hi Cam lz-ta-_:el_\' be overcome.