PERSONAL

Evening Star, Issue 21316, 21 January 1933, Page 13

PERSONAL

The mayor (Mr R. S. Black) left this morning on a hurried visit to Central Otago. He will return to town this evening. The registrar of the University of New Zealand has received cabled ad-"ce recommending that the degree of •> tor of science be conferred on Mr F. J. Turner, lecturer in geology at Otago University. The death took place on Thursday morning of Mr Robert Chapman, of Balclutha. The deceased, who was born, at Kaitangata in 1861, was a resident of the Lakes District for about twenty years, during which time he was actively interested in mining and dredging, chiefly around Alexandra and the Shotover. He was the holder of a dredge master’s certificate. About fifteen years ago Mr Chapman took 'up his residence at Balclutha. The many admirers of Master Lex Macdonald will be pleased to learn that he has not suffered any after-effects from his accident at St. Clair. Since last Saturday ho has been touring Central Otago towns, also Queenstown and Roxburgh, and he will appear in Milton on Monday. He has had a most successful trip both musically and financially. • ■ Mr K. Cameron was a passenger for Christchurch by the through express this morning. Mr J. Hargest, M.P., passed through from Invercargill this morning on his way to Wellington. New arrivals at the Grand Hotel include: —Mr W. Manson (London), Mr and Mrs V. C. Smith (Hobart), Mr L. K. Andrews (Palmerston North), Mr H. A. Le Pine (Wellington) ; Mr L. T. Lewin (Ballinger), Miss Kincaid and Mr J. 11. Templin (Christchurch). FORMER FINANCE MINISTER SIR JAMES ALLEN SUPPORTS MR STEWART Sir James Allen, whose record of political service includes a term as Minister of Finance in the Massey Government,; expressed himself very strongly both on the subject of the exchange rate and on the resignation of Air Downie Stewart. When interviewed last evening he said that there was very little that could be said concerning the Government’s inexcusable action. “I think my views are best expressed,” he said, “in the telegram which I forwarded to Mr Downie Stewart this morning. I told him that I considered the action of the Government deplorable,'and beyond that there is nothing to be said. I have also expressed to Air Stewart my keen regret at his resignation from _the_ Cabinet,; but I had to admit that in view' of all that has occurred I could not. see how he could possibly avoid taking the step he has taken.” Sir James said that he was afraid that there would be far-reaching effects to the alteration which were not yet fully appreciated. It was going to be extraordinarily difficult for the Alinister of Finance to fulfil his interest obligations in London, and similar difficulties Were going to he created for local bodies, which would find themselves faced with the problem of paying their overseas commitments in a depreciated dominion currency. As far as _ trade and ■ commerce were concerned, it was difficult to calculate the effect that the new rate of exchange would have oa them. GOT IN EARLY ASTUTE POWER BOARD INVERCARGILL, January 20. In anticipation of the rise in the exchange rate the Southland Electrio Power Board recently remitted by mail to London the sum of £45,000, being interest due in Alarch next on overseas loans. This timely action Will'save the board £7,000 on exchange. Other Southland local bodies have taken similar action, and certain exporting firms have allowed funds in London to accumulate in order to obtain the benefit of the exchange fluctuations. •' ■ ' AUSTRALIAN REPERCUSSIONS Press Association—By Telegraph—Copyright. SYDNEY, January 20. The fall in the Australian-New Zealand exchange rate had an immediate) effect on the quotations of New Zealand stocks on Australian Exchanges. For instance, New Zealand Government Stock, 5J- per cent., 1937, sold oa Thursday at £ll2 15s, but yesterday, the quotations were: Buyer £lOl, seller £lO6. In trade the effect will definitely be against Australian exports, says the Sydney ‘ Herald,’ but imports from New Zealand will be encouraged, as Australian buyers will be able to get them at a lower price in Australia.Our tourists, too, will have more money to spend in New Zealand. BRITISH PRESS COMMENT Press Association—By Telegraph—Copyright. LONDON, January 20. (Received January- 21, at 1 p.m.) The ‘ Alorning Post’s’ city editor says that New Zealand, in depreciating her currency', has surprised the city,, as the exchange at £llO has been working smoothly. In some quarters it is thought that embarrassment might be caused owing to the new,heavy depreciation not being justified by the dominion’s position in regard to the balance of trade. The ‘ Alanchester Guardian,’ in a suhleader, says that Sir Hugo Hirst, as chairman of the Empire of the Federation of British Industries, takes the opportunity afforded’ by tha New Zealand exchange position to utter some reminders of the pledges exchanged at Ottawa,_ for something like competitive depreciation of Empire currencies might be discerned in the pre.sent movements. Whatever South Africa’s decision may have done towards speeding up the latest development, the New Zealand Government is acting substantially' in accordance with the advice of authoritative local economists, though it is opposed to the advice of the Bank of England’s emiasaries in 1931.