EMPIRE EXCHANGE.

Gisborne Times, Volume LIX, Issue 9575, 28 July 1923, Page 5

EMPIRE EXCHANGE.

RATES ON DAIRY PRODUCE. WELLINGTON, July 27. Tho recent discussions on Empire exchange rates was the subject of a statement by the Prime Alinister in Parliament to-day. Air 0. J. Hawkcn (Egmont) asked the Prime Alinister whether any arrangement had been made with regard to exchange on payments for dairy produce shipped to London. The."matter was an urgent one, as the dairy companies were meeting and wished to know where they stood. Ike Prime Minister, in reply, said that he was not yet in a position to say that a satisfactory arrangement had been made. He was aware of the difficulty in the exchange as between Australia and New Zealand, and in Australia it was accentuated by the fact 'that the balance of trade was against New Zealand. As fai as Great Britain was concerned, the exports from New Zealand were greater than the imports, and while it was a matter for congratulation to the country, it made the matter of ar ranging the transfer of money more dWfh-ult than for a long time past M, Alas,soy added.that during the past fortnight' the. Government had to send £500,000 to London, and instead of having to pay exchange, they got a premium of one-hall per cent, and they made a gain of £2500, On the other hand, for the transfer of money from England to New Zealand the rate varied from 20s to 35s per cent, ■i don’t know how the matter is going to improve,” said the Prime ALn-isf-er. “1 have read with interest v hat the chairman of the Associated Banks of New Zealand said in regard to the proposal for Empire - urrency hills. It it were possible to -Lip l gold

the difficulty would be got over, or it the imports increased it would lie lessened. However, it is not desirable to increase the imports beyond a certain proportion. lam watching tlie matter very carefully, because of its importance" ft is certain to be discussed at the Imperial Economic Conference, at which I still hope to be present.”—Special.