ECONOMIST'S VIEWS
EXCHANGE CONTROL MUST
BE AVOIDED
"A DANGEROUS GAME"
(By Telegraph—Press Association —Copyright.) (Received November 26,11 a.m.) SYDNEY, This Day. Professor T. Hytten, economic adviser to the Bank of New South Wales, who has returned to' Sydney after studying economic conditions in New Zealand, said that nervousness about the Government's plans was apparent in New Zealand. "The most striking economic features about New Zealand,. I found," he said, "are that the London reserves are dwindling rapidly, partly on account of heavy imports, and that there is definitely a flight of a certain amount of capital, some of which is going to London and some to Australia." Professor Hytten, who said he discussed various problems with the Minister of Finance,' Mr. Nash, and [others, added that the dwindling of the London reserves should stop within the next month >or so. The general experience was that the reserve funds began to grow in December and the following months. "I made it perfectly clear that I considered exchange control must be avoided," he said. "I pointed out that I considered this a dangerous game." He added that he found the morale of the New Zealand people to be good.
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https://paperspast.natlib.govt.nz/newspapers/EP19381126.2.43.1
Bibliographic details
Evening Post, Volume CXXVI, Issue 128, 26 November 1938, Page 9
Word Count
197ECONOMIST'S VIEWS Evening Post, Volume CXXVI, Issue 128, 26 November 1938, Page 9
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