COMMERCIAL

Press, Volume LXXI, Issue 21580, 17 September 1935, Page 15

COMMERCIAL

(CONTINUED PROM PAGE 13) BRITISH AGRICULTURAL POLICY AN ECONOMIST'S CRITICISM Britain's new deal in agriculture was discussed in e recent interview given by Mr C. S. Orwin, director of the Agricultural Economics Institute at Oxford. "I'm not quite happy about it; we have rushed into things," he began. "We have embarked upon a programme before deciding whether it is the best we could have chosen. "My own opinion is that in seeking to help farming, the first step of all should have been to consider, in consultation with those best fitted to decide, what the country needs. Are we to concentrate upon perishable and luxury products and leave out wheat and sugar, save where they can be produced without State assistance? "A commission of enquiry would have taken into consideration the claims of our merchant shipping, our foreign trade, and our foreign creditors, the political situation, the need for self-support and the measure of that need. When the best minds had felt able to formulate definite conclusions we might have gone ahead, pointing to the foundations on which our decisions rest, and so giving all men to understand that the country s agricultural policy is not ruled either by a party's hunger for votes or the claims, modest or extravagant, of any section of the community. "It is perfectly easy to state a case for home production; it is not much more difficult to state a case for the importation of nearly everything we consume. My criticism of present methods is that they are not founded upon'an open examination of existing conditions undertaken with the single aim of doing what is best for Great Britain."

FOREIGN EXCHANGES

FOREIGN EXCHANGE RATES

The Bank of New South Wales, Christchurchy quoted, the following rates as ruling yesterday for its soles and purchases of foreign exchange. The rates are subject to alteration without notice:—

(sarnsB orncm. wtmlsss.) RUGBY, September 14. Par. Sept. 13. Sept. 14. Paris, it. to £1 12.421 75 1-64 75 3-04 New York, dol. to £1 4.866 4.941 4.94 15-16 Montreal, dol. to £1 4.866 4.96$ 4.96J Brussels, belgas to £1 35 29.29 29.31 Geneva, fr. to £1 25.2215 15.19J 15.211 Amsterdam, fl. to £1 12.107 7.331 7.35 Milan, lire to £1 93.47 601 60 13-16 Berlin, relchmarken to £1 30.48 12.28 12.S9 Stockholm, kr. to £1 18.159 19 9-16 19 9-16 Copenhne e n> kr. to £1 18.159 22.395 22.39J Vienna, Bchgs. to £1 34.585 26 26 Prague, kr. to £1 164.25 119 7-16 119 9-16 HelsinRfora, marks to £1 198.23 2265 2265 Madrid, pesetas to£l 25.2215 86 11-04 k 86 11-64 Lisbon,escudos to £1 110 110J noi Athens, dracli. to £1 375 817 ai7 Bucharest, loi to £1 818.6 625 625 Belgrade, dinars 25.2215 21.7 21.7 Bio de Janeiro, pence to milreis 4.893 4* n Buenos Aires, pence to dol. 47.62 23 7-16 23 7-16 Montevideo, j?ence to do!. 51 89J 89| Bombay, pence to rupee 19 17 15-16 17 15-16 Shanghai, pence to dol. • 18 7-33 161 Hong Kong, pence to dol. • 24 11-32 24 11-33 Yokohama, pence to yen * 14S 14) Bntavia, guilders 12.107 7.30J 7.30J Warsaw, par zloty's to £1 43.38 26.21 26.21 *Detormincd by price of silver.

Buying. . Selling. London— £ N.Z. to £100 8tg. T.T. 124 124/10 O.D. 123/10 124/8/9 Australia -- " £ A. to £100 N.Z. T.T. '101 100/10 O.D. 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/8 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.00J 8.96| O.D. 4.01| 8.97 Montreal— Bo), to £1 N.Z. T.T. 4.02J 3.98g OJ>. 4.033 8.981 Austria— Schgg. to £1 N.Z. T.T. — 20.57 'O.D. — 20.59 Belgium— BeIgasto£l N.Z. T.T. — 23.244 O.D. — 23.259 Czechoslovakia— Crowns to £1 N.Z. T.T. — 95.50 O.D. — 95.55 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.878 O.D. 18.248 17.888 France— Francs to £1 N.Z. T.T. 60.98 59.68 O.D. 61.28 59.73 Gormany—• Reichmarks to £1 N.Z. T.T. 9.662 O.D. —w 9.667 Holland— Florins to £1 N.Z. T.T. 6.040, 5.790 O.D. 6.090 5.794 ItalyLire to £1 N.Z. T.T. 48.14 O.D. — 48.18 Java— Florins to £1 N.Z. T.T. 6.003 5.778 O.D. 6.053 5.728 NorwayKroner to £1 N.Z. T.T. 16.198 15.868 Sweden— O.D. 18.238 15.878 Kronor to £1 N.Z. T.T. 15.787 15.457 O.D. 15.827 15.467 Switzerland— Francs to £1 N.Z. T.T. 12.445 12.045 O.D. 12.520 12.055 Noumea— Francs to £1 N.Z. T.T. 61.98 68.93 Papeete — O.D. 62.33 58.98 Francs to £1 N.Z. T.T. 61.93 68.93 O.D. 62.33 58.98 Honcr Kong— N.Z. pence to dol. T.T. 30 1-16 31% India and Ceylon— O.D. 29 15-16 311-16 N.Z. pence to rup. T.T. 229 22 23.3a Japan-*— O.D. 224 22 21-32 N.Z. pence to yen T.T. 17 51-84 Shanghai— O.D. — 17 25-32 N.Z. pence to dol. T.T. 22 5-32 28 15-32 Singapore— O.D. 22 1-82 23 13-32 N.Z. ponce to doL T.T. 3411-32 85 9-*32 O.D. 34 7-32 35 7-32