RATE OF EXCHANGE
LABOR MEMBER’S CRITICISM. [PER PRESS ASSOCIATION.] CHRISTCHURCH, February 13. The -agitation taking place for ah increase in the exchange rate between New Zealand and London, is strongly criticised by Mr J. McCombs, member for Lyttelton- » Mr McCombs declared that the present position of the Dominion’s cash balances in London did not warrant any increase in the existing exchange rate, and if normal conditions were riiling and Dominion funds in London were available solely on New Zealand account there would be a tendency for the rate to fall below the 10 per cent.
tie also criticised the Copland plan which was adopted in Australia, and expressed strong opposition to the application of such a plan to New Zealand- “There is only one real way to help all the producers, and that is by guaranteeing them a stabilised or steadied price for their produce, based oh a five or seven years’ moving average Such policy would add to the total purchasing power of the people.”
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Bibliographic details
Greymouth Evening Star, 13 February 1932, Page 3
Word Count
166RATE OF EXCHANGE Greymouth Evening Star, 13 February 1932, Page 3
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