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Dominion, Volume 29, Issue 254, 23 July 1936, Page 13

“When w© remember that our New Zealand pound on our present exchange is worth only 16/- on sterling, while it is worth roughly £l/8/- in Japan, we can appreciate that it gives Japanese exports an enormous advantage over British manufactured goods for export to New Zealand,” said the president, Mr. H. D. Acland, at the annual meeting of the New Zealand Sheepowners’ and Farmers' Federation yesterday “We can perhaps better appreciate this by remembering that if we should return to par with sterling, the benefit to the Japanese export trade would be correspondingly increased to the added detriment of our principal, and in fact practically our only customer for all our exports except wool. Britain takes on an average about £35,00(1.000 worth per year of our primary exports Japan about £1.000.000 worth only, and we must not forget that any increases In our Imports from foreign countries can only be made at the expense of the British export trade, which means lowering the purchasing power of what is practically our only market,”