CONTROL OF EXCHANGE
AN EMPHATIC PROTEST
RECONSIDERATION URGED
(By Telegraph.—Press Association.) AUCKLAND, This Day. An emphatic protest against the Government's decision to. control the London exchange" at the present level has been forwarded to tho Prime Minister, the Bight Hon.- G. W. Forbes, following a meeting of the executive of the North Auckland Dairy Companies' Association.
The letter states: "The recent experience with London loan renewals has proved that under free operation of supply and demand the exchange rates would rise a further 15 or 20 per cent. Tho Government's decision, therefore, amounts to further taxation of all primary producers to the extent of some 15 per cent, on gross income. The whole country depends on the returns df the primary producers, who need greater price encouragement. This would have come quickly in the shape of a higher exchange rate but for the Government's intervention."
Begarding the argument that with a high exchange premium the Government ■would find it costly to olitain funds, the association says: "A higher exchange premium distributed among the producers would be helpful to the country's restoration. The association urges reconsideration of tlie decision."
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https://paperspast.natlib.govt.nz/newspapers/EP19320112.2.91
Bibliographic details
Evening Post, Volume CXIII, Issue 9, 12 January 1932, Page 10
Word Count
188CONTROL OF EXCHANGE Evening Post, Volume CXIII, Issue 9, 12 January 1932, Page 10
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