EXCHANGE PROFIT

Evening Post, Volume CXXVIII, Issue 70, 20 September 1939, Page 5

EXCHANGE PROFIT

SALE OF WOOL TO U.S.A.

"All that this country can do to help the United Kingdom and to take part with the United Kingdom is being done. The basis of our discussions is that present conditions shall not be used for the nations' profit or for the profit of the individual. The particular point raised in the question was raised during our negotiations, and we are endeavouring to arrange some procedure that will avoid injustice to the United Kingdom or the Dominion."

This reply was given by the Minister of Finance (the Hon. W. Nash) in the House of Representatives yesterday afternoon to an urgent question asked by Mr. C. Carr (Government, Timaru) and dealing with the question of profit on exchange.

Mr. Carr asked whether in view of the decline in the value of the English pound, which now had a value of only four dollars against the normal 4.86 dollars, the Minister would see that in sales of New Zealand produce due allowance was rr.ade to New. Zealand for any reduction in the value of English money—in other words, ' that the purchases be met on the basis of optional payment in gold, English sterling, or American currency, as at the value at August 31 last. "This particularly refers to the sales of New Zealand wool to America," added Mr. Carr. "The British Government, by receiving payment in American dollars, may make a handsome profit out of the present depreciated New Zealand and English currencies." '