COPLAND V. NIEMEYER

Evening Post, Volume CXV, Issue 101, 2 May 1933, Page 10

COPLAND V. NIEMEYER

DIVERGENT OPINIONS

Professor D. B. Copland, a strong advocate of a high exchange rate, publicly debated the question of high exchange with Mr. Colling, chairman of the importers' section of the Melbourne Chamber ' of • Commerce. <■' Mr. Collins quoted Sir Otto Nieraeyer as saying that "rising exchange rates prejudice the whole fabric of national finance." Professor Copland replied, that ''Sir Otto greatly regretted having uttered such a remark, and would gladly recall . Mr. Collins, being certain that he had not misunderstood the remark, or misquoted it, thereupon, wrote to Sir Otto for an explanation. The answer that he has received is a decisive refutation of Professor Copland's claim. •'•Sir Otto Niemejter says that Professor Copland's expectation that he would be glad to recall this remark is quite incorrect; for, "whatever may be the balance of purely theoretical argument,, on which the professors are not in agreement among themselves," Sir Otto declares once more that he does not believe that an inflated rate of exchanger-which. implies a depreciated currency—is in practice a permanent advantage to the country adopting it. . / Those interested in this question in Mew Zealand may conclude, states the Auck-, land "Star," that this criticism, coming from so eminent and widely-acknowledged in authority, largely undermines the argument en which the case for an inflated exchange has teen founded.