Chambers of Commerce and Exchange

Press, Volume LXIX, Issue 20998, 28 October 1933, Page 14

Chambers of Commerce and Exchange

It is difficult to understand why the president and the executive of the Associated Chambers of Commerce should have chosen to launch another attack on the Government's exchange policy. All that can usefully be said for and against that policy has been said long ago; and nothing that the Associated Chambers of Commerce can do or say is likely to influence the Government at this stage. The Prime Minister has indicated quite plainly that the exchange rate will not be altered this year but that as the position of the primary producers improves the rate will be lowered gradually, so as to prevent any undue disturbance in the economic life of the country. What other course would the opponents of the high exchange have the Government pursue? None of them, surely, would suggest that the rate should be restored immediately to its previous level. The logic of the attack on the Government's exchange policy is almost as obscure as the excuse for it. According to the executive's report the raising of the exchange was "doubly deplorable " because the executive of the asso- " ciation, in an endeavour to assist " the Government to deal with pre- " sent-day problems, had a short " time before offered the services of " a committee of the association to " co-operate with the Government." If this means that the executive asked for a share in the government of the country, it is an impertinence; and if it does not mean that it is hard to see what it does mean.