EXCHANGE POOL.

Press, Volume LXVIII, Issue 20499, 18 March 1932, Page 10

EXCHANGE POOL.

RETENTION OF REGULATIONS. VIEWS OF FARMERS' COMMITTEE. (press association telegram.) WELLINGTON, March 17. The Farmers' Exchange Committee met to-day and issued , the following statement: — The recent official statement made in the House of Representatives by the Minister for Finance, stating that the Government does not propose to make any altoration in the. Exchange Pool regulations was considered exceedingly unsatisfactory and cannot bo accepted. New Zealand is the only portion of the British Empire that is refusing its export industries the benefit of a free exchange market. New Zealand's export industries no its farms, which are having to meet rnarkot conditions unparalleled in tho world's history. Instead of assisting farmers, the Government has commandeered their property at less than its market value, forgetting that tho ruin of the fanners chat is taking place will assuredly bring ruin to all other industries in the Dominion. Tho Farmers' Exchange Committee has consulted three of the leading counsel in Wellington on the legality 0 f the Government's action, and these opinions are definitely that the Government's action is quite illegal and cannot be maintained. The legal opinions arc too lengthy to quote fully, bat tho following are th<J concluding statements: — "For the foregoing reasons it is considered that tho export licenses regulations of December, 1931, are ultra vires and invalid, and could be successfully attacked in proper procqedings in tho Courts. In short, we are tiblo to advise that tiio regulations are invalid for the reasons stated."