DOLLAR EXCHANGE.

Auckland Star, Volume LXIV, Issue 304, 26 December 1933, Page 5

DOLLAR EXCHANGE.

CANADIAN GAINS.

FUNDS NOW AT PREMIUM. ROOSEVELT'S GREAT MANA. The fact that Canadian funds are at a premium in the United Sxatee was commented on this morning by Mr. R. Robertson, president of the R: Robertson, Ltd., a Vancouver wholesale produce firm, who arrived by the Aorangi this morning to ascertain the position of the onion market. "Canada owes hundreds of millions of dollars' to the States in respect to

Government and municipal loans," eaid Mr. Robertson, "and we have been pay- j ing between 12 and 25 per cent in | exchange. Now the position is reversed, | and , our funds are at a premium of four J to five per cent. This is a big thing for j the Dominion. We will save about J 75,000,000 dollars per annunj in interest j I alone. We paid the United States last j year 350,000,000 dollars for interest and i principal, plus the exchange. "Nobody seems to be able to predict the future in the States," Mr. Robertson remarked, "but there is a general feeling that the new Roosevelt legislation j will work out to the benefit of the country. The outstanding feature is the confidence everywhere hi the President himself. He is a man of high integrity, # true ideals and tremendous courage. The way he tackled the financial institutions and Wall Street will go down in history as an outstanding feat. If the N.R.A. fails there is widespread confidence that Roosevelt will find some other way out."