THE EXCHANGE.

Auckland Star, Volume LXIV, Issue 232, 2 October 1933, Page 6

THE EXCHANGE.

The report on the Government's, exchange policy which was presented to the Chamber of Commerce bears on its face the mark of the partisan. Might it be pertinent to inquire whether the learned author is the same wordy importer who, some six months ago, predicted with assurance born of ignorance that the 2-) per cent exchange rate could not possibly be held beyond the end of June? Perhaps it has not occurred to the author that _if £0,000,000 has accumulated in London during this year our importers have lost a golden opportunity of doing business. Nine millions in cash waiting, for goods, and our importers too scared to deal! That importers were in a blue funk and would continue so for a while was well understood: but it was equally well known that sooner or later the opportunity to do business would recall the importers back to their job of converting the London balance into goods. The cost of the high exchange policy will diminish and disappear when the importers abandon writing amateurish exchange jeremiads and attend to their business of buying and selling. It may take IS months or more, but to judge the position on tho figures of the first four months is like reading a balance-sheet and omitting tho assets side. ANTAEES.