CHRISTMAS CHEER

Evening Star, Issue 20984, 24 December 1931, Page 8

CHRISTMAS CHEER

CENTRAL MISSION FUND The following further donations havo been received in connection with tho above fund: —

confidently appeals for the support and co-operation of the commercial communitv and the people generally in order, that the desired object may be achieved without inconvenience or irritation. The measure is an extraordinary one,; but we arc passing through extraordinary times, when prompt action is necessary to cope with the rapidly changing circumstances. lam sure that the people of the dominion will agree that New Zealand must honour her bond* and this control of the exchange resources is merely for the purpose of ensuring that the Government is in ai position to meet all commitments on the duo date. The Government realises that as aJ result of this essential rearrangement of its external financial obligations there will be large reflections in the Budget revenues in addition to exchange costs.; Consequently, with a view to assisting in the planning of a programme for next financial year, the Government has decided to set up a special economy commission immediately after the Year.

LOCAL OPINION REGULATIONS HOT UNEXPECTED Inquiries made locally seem to show! that the gazetted regulations of the Government bearing on the control of exchange credits were not altogether, unexpected, and that, though they aio not altogether welcomed with open arms, they are generally accepted as m. the best interests at the present time.: The local understanding of the new, regulations appears to be that tho banks will undertake to pool all exchange resources, the reason for doing so being to provide New Zealand credits for the payment of imports and other commitments such as interest, etc., payment of which is due in London. The making of all shippers go through the banks is expected to bring about a retarding of imports. A SYDNEY COMMENT REASON GIVEN HARD TO UNDERSTAND Press Association—By Telegraph—Copyright* SYDNEY, December 24. (Received December 24, at 10.45 a.in.)] The ‘Sydney Morning Herald’s ’i financial editor, commenting on New! Zealand’s action to control the exchange, savs; “The situation in the dominion is not surprising to those who have watched events. What is to bo regretted is that tho Government considered itself called upon to do compulsorily what Australia, by tho cooperation of the banks, has been ablet to do voluntarily, and is still doing voluntarily—the mobilisation of the exchange resources to give the Government a first call in order to enable ifc to meet its commitments in London* The voluntary mobilisation of overseas funds helps the credit of tho country, far more than a forced measure, because the voluntary act engenders confidence. Mr Forbes’s argument than Britain’s abandonment of the gold standard increased New Zealand’s difficulties is hard to follow. Eighty per cent, of New Zealand’s exports go to Britain, from which the dominion receives 47 per cent, of her imports. Apparently it has been intimated to NeW, Zealand that a renewal of her shortterm loans would bo inconvenient.”

J.D.Gr £5 0 0 A.B.C 0 10 0 One Pound (10s Rev. Bryan King) 0 10 0 Woodhaugh Methodist Sunday School 0 10 0 Mrs Thomas ... 1 0 0 Mrs Thomas • ■ 0 5 0 Mrs Mercer ■ ••• 0 10 0 IVIr Ellis 1 0 0 Anonymous 0 10 0 Anonymous 5 0 0 Mrs Lamb ... ••• 1 0 0 Working Girl ... 0 2 6