ARGENTINE EXCHANGE
DEPRECIATION OF PESO
The Argentine Government recently broadcast its reasons'for pegging the peso to, sterling, Having abandoned artificial stabilisation of" its currency. "We are once more in the position," it stated, "of establishing connection with the country receiving the majority of our exports. The change is. made desirable both by cpnvenience and loyalty. Argentina had not only to obey the letter, but the magnificent spirit of the Roca Agreement, which links both countries. "There-are fundamental reasons for believing that when the time conies for the renewal of the treaty England will be more disposed to accord again friendly treatment to those who have shown themselves to be friends, and even the zealous protectors of colonial interests will be unable to base their demands on lack of reciprocity on our part." The action referred to was taken by the Argentine Government at the beginning of December, when the peso was depreciated by about 16 per cent. In effect, the step j bore a close relation to the depreciation of New Zealand's currency. Commenting i upon the development the "Times," London, said: "It is another unfortunate instance of an artificial device being resorted to for the purpose of solving what is really an internal problem of readjustment."
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19340305.2.156.4
Bibliographic details
Evening Post, Volume c, Issue 54, 5 March 1934, Page 12
Word Count
207ARGENTINE EXCHANGE Evening Post, Volume c, Issue 54, 5 March 1934, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in