N.Z. EXCHANGE RATE

Grey River Argus, 30 August 1939, Page 6

N.Z. EXCHANGE RATE

WILL IT BE ALTERED ? Question of Interest [Per Press Association]. PARLIAMENT BLDGS., August 29. When the House met at 2.30 to-day Mr C. A. Wilkinson (Independent, Egmont), asked an urgent question of the acting-Prime Minister, Hon. , P. Fraser, requesting information regarding the payment of sterling exchange. Mr Wilkinson said that, when merchants ordered goods from the United Kingdom, they paid for such goods in New Zealand currency, the subsequent payment to the United Kingdom in sterling being made on the deferred payment system. Mr Wilkinson asked who was- responsible for the interest on the money from the time of its payment in New Zealand currency until its final payment in sterling, and who would be responsible in the event of any alteration in the exchange rate. Hon. P. Fraser replied that this subject was at present under consideration by the Government, and if the question were placed on the Order Paper, a reply -would be given, in due course. A question on a similar subject was asked of Mr Fraser by Rev. C. Carr (Govt., Timaru), who stressed the need, in such cases, for indemnification against possible loss in sterling exchange, of funds sold in New Zealand on account of the British manufacturer. Mr Fraser said that the reply was the same as that to the previous question, namely, that the matter was under consideration. “It is at the moment,” he added, “being made more complicated through the international situation.”