EXCHANGE RATE.

Ashburton Guardian, Volume 65, Issue 43, 30 November 1944, Page 4

EXCHANGE RATE.

LONDON BANKER'S OPINION. ALTERATION UNLIKELY IN STERLING AREA. (P.A.) WELLINGTON. November 29. More goodwill is shown toward New Zealand in Great Britain than toward any other part of the British Empire, according to the London manager and secretary of the National Bank of New Zealand (Mr J. H. Lowrie), who has arrived on a visit to the branches. Mr Lowrie is chairman of the British Overseas Bankers’ Association, and vice-president of the British Bankers’ Association.

Discussing banking, Mr Lowrie said that, bankers all over the world had in recent years recognised much more than formerly that in addition to their duty to depositors and shareholders they had a very substantial duty to the public. That was one of the reasons why, in the British Empire at any l'ate, there was much closer contact between the banks and the central banks and' the Government. The fact that the Treasury and the central banks and trading banks were much closer together was very much in the national interest;. y- •>/ y. J ; ; Referring to exchange, Mr Lowrie said that there had been rumours of some alteration in the exchange rate in all recent talks about post-war currency agreements, and the stabilisation of exchange had been emphasised as a desirable goal. It seemed to hint unlikely that there would be any alteration of exchange rates within the sterling area., which for some time had been stabilised, unless it became necessary through such an economic factor as maladjustment of prices. As far as he was aware, there ivas no such maladjustment between New Zealand prices and British price levels. ' British exporters would make a big effort to supply the New Zealand market as soon as possible after the war, said Mr Lowrie. The importance of building Tip export trade again w r as fully realised in Britain.