EXCHANGE POOL.

Auckland Star, Volume LXIII, Issue 121, 24 May 1932, Page 12

EXCHANGE POOL.

DEMAND FOR ABOLITION. FARMERS' DISCUSSION. "DICTATION" BY THE BANKS. (From Our Own Correspondent.) HAMILTON, Monday. "Revolutionary" was the term used to describe a suggestion made at the annual meeting of the South Auckland Dairy Association to-day, that farmers should refuse to trade with banks other than the bank which opposed the exchange pool. • -- • ... Mr. P. R. Hawke, a director of the Hinuera Dairy Company, said it had been suggested that farmers could actively register their disapproval of the confiscation of their export credits by placing their accounts with the one bank which had taken up a stand on the matter. When Mr. Dynes Fulton, chairman of directors of the New Zealand Co-opera-tive Daily Company, pointed out that such action would amount to a boycott, Mr. Hawke replied that it was no worse than the Government action, which amounted to its taking cows off his property. . '.'While the Government's action is wrong in principle, I do not approve of an attitude which might be regarded as revolutionary," said Mr. F?.'lton. "We must stand solidly together and go for the Government, not the banks." Mr. P- Seifert, chairman of the Morrinsville Dairy Company, was certain the. scheme could not bo carried into effect. Mr. Fulton said lie had asked the Prime Minister for a definite assurance that if all exports were sent away the exchange pool would be lifted by the end of June. Mr. Forbes had replied: "As far as the Government is concerned it will. If not, the Government will want to know the reason why." If somebody else should be concerned, said Mr. Fulton, it seemed as if the exchange pool might not bo lifted. Mr. Seifert: It certainly looks as though the banks are dictating to the Government. It was resolved to ask the Exchange Committee that if the Order-in-Council was not removed by the end of June the matter bo referred back to the producers' associations.