N.Z. EXCHANGE
HUGE LONDON SURPLUS.
BY CABLE —PBESS ASSN. — COPYRIGHT.]
LONDON, March 16.
The “Financial News” reviews the position regarding the New Zealand pound. It points out that the Dominion Government’s holding of surplus sterling exchange in London has grown in a little over one year to total over twenty millions sterling, and it is still growing. Clearly, this cannot continue for ever. The choice must lie between reducing the exchange discount, or else diminishing this large surplus somehow. The paper concludes: “The downward 1 adjustment of the exchange discount is the only adequate solution, and it would be in the general interest that it should not be too long delayed.”
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Bibliographic details
Greymouth Evening Star, 17 March 1934, Page 7
Word Count
111N.Z. EXCHANGE Greymouth Evening Star, 17 March 1934, Page 7
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