THE ADVERSE EXCHANGE.

Taranaki Daily News, 19 May 1920, Page 4

THE ADVERSE EXCHANGE.

COMMENTS BY SIR JOSEPH WARDPART OF HIS MISSION ABROAD. By Telmaph.—Press Association. Wellington, I.ost Night. Sir Joseph Wurd was farewelled bj t the Commerial Travellers' Club this afternoon. There was a most enthusiastic gathering, the chairman making it clear they were furewelling Sir Joseph Ward as a member of the Association, and as-a successful business-, man, rather than as a politician. 111 the course of his reply, Sir Joseph Ward said he was going to England for tho first time in thirty-three years as a private individual, and he appreciated the freedom very much. One of the things on which he intended to talk with friends of his in the United States and England was the adverse exchange rate, especially as it' affected New Zealand. He would tell his friends in the States his opinion of the folly of trying to maintain such a high adverse rate when the trade of J)eth coun* tries must suffer liy it. Ha expressed the opinion that wS would have to get an entirely new set of conditions to meet the altered situation. We must make up our minds it would no longer be possible to have all our exchange clearances through London, because it was obvious that a veTy pro* ductive country like New Zealand ought not to be penalised on account of an adverse rate for the time 'being across the Atlantic. He was quite certain thfct New Zealand banking institutions would have to establish branches in the United States, and in turn United States banks should be allowed to establish branches here.