WARNING ISSUED
CONTROL OF EXCHANGE.
“A DANGEROUS GAME.”
DOMINION’S LONDON RESERVES
(United Press Association--Copyright.) (Receive This Day, 10.50 a.m.) SYDNEY, This Day.
Professor T. Hytten (Economic Adviser to the Bank of New'South M ales), who returned to Sydney after studying the economic conditions in New Zealand, said that nervousness about the Government’s plans was apparent in New Zealand.
“The most striking economic features about New Zealand that I found are that the London reserves arc dwindling rapidly, partly on account ol heavy imports, and that there is definitely a flight of a certain amount of capital, some of which is going to London and some to Australia.”
Professor Hytten, who said he had discussed various problems with Mr Nash and others, added that the dwindling of the London reserves should stop within the next month or so. The general experience was that the reserve funds began to grow in December and the following months. “I made it perfectly clear that I considered that exchange control must be avoided’. I pointed out that I considered this a dangerous game.” Professor Hytten added that ho found the morale of the New Zealand people to be good.
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Bibliographic details
Ashburton Guardian, Volume 59, Issue 40, 26 November 1938, Page 5
Word Count
194WARNING ISSUED Ashburton Guardian, Volume 59, Issue 40, 26 November 1938, Page 5
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