BANK EXCHANGE

Evening Post, Volume CIX, Issue 136, 12 June 1930, Page 12

BANK EXCHANGE

(To tho Editor.)

Sir, —I read with very much interest your report of the .address given recently by Mr. B. C. Ashwin, and must express surprise that it lias not given rise to a great deal of discussion. Not that Mr. Ashwin's statements can bo disputed, but the matter is oue of so much importance to New Zealand tlniv one, wou \l natural." expect considerable attention from business people so much affected, and particularly from -the Associated Chambers of Commerce. The .position as outlined in the above address has been obvious to most of us for many months, aud it is really remarkable that we have bcon content to accept the very unfair attitude adopted by the Associated Banks, mainly in the interests of Australia. In matters of this kind ive should bo able to look to chambers of commerce for a lead, but not even a mild protest seems to have been made. While I dislike Government interference in any form, this appears to be a legitimate and urgent cause for such interference, but apparently the responsible Minister is too busy with politics. Had Australia been treated similarly becailse of conditions in, New Zealand, can you not imagine what an outcry there would, have been, from the l'ress to the smallest business man, and rightly so? Why, then, do We submit? It is a reasonable demand that the banks in London should treat Now Zealand as n separate unit, and it is to be hoped that representations accordingly will be made from influential quarters, particularly the Associated Chambers of Commerce and the Government. In the above connection, I think that a great deal of good will result from the high rnte of exchange, but nevertheless the economic conditions of the country did not warrant it, mid it should not have been imposed, except perhaps as regards such imports as certain classes of motor vehicles and other luxuries from foreign countries. . . In conclusion, may I say that I think that the permitted Use of the word "Australasia" has had a lot to do with the linking of New Zealand to Australia in banking operations and otherwise. When will something more than a feeble attempt bo made by Sew Zealand business houses to abolish that | objectionable and injurious word? There is no denying that a real national spirit is not much olive in the business community, i otherwise the constant use, especially by companies with established headquarters- in Australia, would .not be tolerated. Will the president of the Wellington Chamber of Commerce start a real campaign here and elsewhere,' especially in the United Kingdom, to abolish the use of the term "Australasia" as embracing New Zealand, and to establish more widely New Zealand's i separate entity?—l am, etc., N.Z. 10th June. . .