Exchange Rate Increase

Dominion, Volume 26, Issue 104, 26 January 1933, Page 11

Exchange Rate Increase

Sir, —I observe that Sir James Allen has been given his opinion on the subject of London exchange, and have been wondering what he knows about it. He led us primary producers like lambs to the slaughter during the four years of the commandeer and, inadvertently, I admit, gave away about three hundred million pounds worth of our valuable and indispcnsible primary products, deflated to about half their economic value, and bartered it for about one hundred and fifty million pounds of war inflated imports, many of which we would have been better off without.

This deflation of exports and inflation of imports accounts for the shortage of exports which an expert has lately discovered, during the last 20 years, and which shortage had to be and was met in London by borrowed millions, during this same gentleman’s period of office as Finance Minister —hence all our troubles which this Government is endeavouring to overcome.—l am. etc., PRIMARY PRODUCER. Palmerston North, January 24.