Chamber of Commerce and the Exchange Rate

Dominion, Volume 25, Issue 232, 27 June 1932, Page 11

Chamber of Commerce and the Exchange Rate

Sir, —That tne question of fixation of the rate of exchange is one vitally affecting the whole of the community cannot be denied. Neither can it be conceded that it is a question on which dogmata; judgments can be passed. While individuals have their own views, which must be coloured by the impacts of exchange on their personal undertakings, it is not possible for institutions, sues as chambers of commerce, to dogmatise on a subject which has such wide controversial implication. Amid the turbulence of public feeling which has been engendered by the derision of the Government to repeal <» remove the “Export Credits Pool Regulations,” it is weU to remember that the Wellington Chamber of Commerce has been in existence for a. great many years and during that period haa tendered not only to Wellington but to the Dominion very valuable service. Many men of the highest standing have given their time, experience and judgment to the multitude of matters of public import which have from time to time claimed the attention of the chamber. On this vexed question of exchange the council of the chamber has deliberated for many hours, and the resolution presented to the Prime Minister and published in the Press clearly shows that the matter has not been lightly treated. The commercial community rightly looks to the council of the chamber for an expression of the commercial mind. Who constitutes the commercial community? Almost all, If not all, sections of commercial and industrial enterprise in the city are represented on the council, and obviously the interests involved ar* very diverse. The "gravity of the present exchange position is fully recognised,, but issues just as portentous have arisen in the past and equally important matters will call for attention in the future. Without in any way apologising for the action of the council on this latest important matter, it Is pertinent to remind the community that where there have been questions of even greater gravity and where sectional interests have been susceptible to agreement for action on common ground the chamber has not only placed its views before the Government but has undoubtedly been the means of either ameliorating or preventing legislation inimical to the community being placed on the Statute Book. This is a time for calm reflection far as the Wellington Chamber of Commerce is concerned. In such reflection let us all realise that ths services rendered to the community have been of infinite value; that the chamber stands for the highest expression of commercial judgment; that that expression cannot be attained without the willing service of men who are representative of the best in commerce and industry; that only by a determination to maintain its prestige can the chamber survive. It is not, however, the survival but the increasing usefulness of the chamber which is of such paramount Importance. The Issues which will arise in the future will certainly be of equal if not of greater importance than any present or past. In a relatively small community, with the growing tendency to create organisations and yet more organisations, the need is all the more insistent for the rallying of the forces of sound judgment. These forces are surely resident in the controlling heads of our varied businesses, and the community expects the chamber of commerce to voice the considered opinions of its commercial lenders, be they exporters, importers, Industrinlfeta or retailers.—T nm. etc.. ,L PEARCE LUKE. ■ President, Wellington Chamber of Commerce. June 25.