RESENTMENT.

Auckland Star, Volume LXIV, Issue 21, 26 January 1933, Page 8

RESENTMENT.

HIGHER EXCHANGE.

WELLINGTON CRITICISM

MEETING OF BUSINESSMEN. !

(By Telegraph.—Own Correspondent.) i

WELLINGTON - , tliis day

TIIO wide-seated feeling of resentment aroused in the business community over the Government's decision to increase the rate of exchange was strongly f evidenced at a largely attended meeting: of Wellington business men to-day. The* Government was strongly criticised for* its action, and most of the criticism way directed against the leaders. A resalu-j tion of condemnation was carried.

Mr. J. P. Luke said that as far as. the Government was concerned tliey had.l evidence during the last fortnight that, tliey could not trust the word of thef Prime Minister, and the community asi a whole liad lost confidence in him. 1

The resolution carried was as follows s "That this meeting most strongly protests against the Government's action ore. the grounds (1) that such action, after the assurances given by the Prime Mill-; ister that the matter was one solely for the banks and that there would bo no> political interference, is a gross and.! liagrant breach of public trust and cojufi-j deuce, and (2) that fixation at an unwarranted high artificial rate is opposed', to the interests and well-being of tlici. Dominion. This meeting views with very grave alarm the decision to imposci political control of the exchange rate, and considers that repercussions from.; the adoption of such policy must be j dangerous and far-reaching." j