EXCHANGE PROBLEM

Gisborne Times, Volume LXXIII, Issue 11841, 24 January 1933, Page 5

EXCHANGE PROBLEM

BUSINESSMEN OF HASTINGS

REGRET 'INCREASE IN RATE

(Press Association-'

HASTINGS, Jan. 13

At a largely attended meeting of businessmen in Hastings this morning a--resolution expressing unani'mous disapproval of the Government g action in raising the rate of exchange was unanimously carried, the following being tlie chief ground of objection :' f ‘H6po for a restoration of the prices of -primary products is centred in the coming International Economic Conference. One means of accomplishing that purpose is stated to be the restoration of : stable.currencies and exchange. It is a grave responsibility for the Dominion to embark on a policy which is in direct negation to the negotiations now opening between nations.” - ' ' ■ ’

The, resolutions expressed regret at the Government’s sudden, change °f policy, and appeals to it to take all possible steps to free exchange, allowing the : London rate to follow the natural course. BETTER ADVANCES IN DUNEDIN 1 Press A ssoclutlon .) DUNEDIN. Jan. 23. As a-result of. the higher exchange rate, the price of butter was advanced by Id pep lb to-day.