RELATIVE VALUE OF POUND

Hawera Star, Volume LII, 5 September 1932, Page 5

RELATIVE VALUE OF POUND

CHANGES SINCE; 1914 LEVEL. MINISTER’S EXPLANATION. (By Telegraph—Press Association.) INVERCARGILL, Sept. 4. Speaking at the annual meeting of the Southland F arnwto’ Co-operative Association yesterday the chairman, the Hon. Aclam Hamilton, gave the following figures showing the relative value of the pound to the farmer: 1914, 20s- 1917. 23s 8d; 1922, 16s-, 1925, 22s Id; 1931, 11s lOd; 1932 (.June), 10s 2d. , . , The latest index figures showed that retail prices in February, 1932, were 39 per cent, above tliose of July, 1914. Farming costs were 49 per cent, above those of 1914. The export prices of meat, wool, butter and cheese were 25 per cent, below those of 1914. e ‘l should like to correct two statements that have appeared in the Press in connection with the meeting; I attended at Dannevirke,” said Mr. Hamilton “The first statement attributed to me was in relation to farmers not being the best Qualified to do their own marketing, with soecial reference to farmers’ boards. This statement was not made by me but by another speaker. The other point in connection with which I wish to make a correction was where I mentioned three remedies that would be useful to help the economic position of to-day in New Zealand One was an increase in the price level the second was further deflation inside New,Zealand, and the third was inflation or a reduction in the value of the New Zealand pound. The thud one in some southern papers was Reported as ‘deflation’ instead of inflation.’ ”