N.Z. FUNDS.
DWINDLING IN LONDON Sydney Professor's Views After Visit to Dominion. AVOID EXCHANGE CONTROL. United Press Association.—Copyright. (Received 10.30 a.m.) S\DNEY, this day. Professor T. Hytten. economic ad\ iser to the Bank of Xew South Wales, Avho has returned to Sydney after studying economic conditions in Xew Zealand, said that nervousness about the Government's plans was apparent in Xew Zealand.
Professor ' . Hytten. "The most striking economic features about New Zealand I found are that the London reserves are dwindling rapidly," he said. "This is partly on account of heavy imports and that there is definitely a flight of a certain amount of capital, some of which is going to London and some to Australia." Professor Hytten, who said he discussed various problems with Mr. Walter Nash and others, added that the dwindling of the London reserves should stop within the next month or so. The general experience was that reserve funds began to grow in December and following months.
"I made it perfectly clear that I considered exchange control must be avoided. I pointed out that I considered this a danperous game."
The professor added that he found the morale of New Zealand people to be good.
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Auckland Star, Volume LXIX, Issue 280, 26 November 1938, Page 9
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198N.Z. FUNDS. Auckland Star, Volume LXIX, Issue 280, 26 November 1938, Page 9
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