DANGERS OF INFLATION.

Horowhenua Chronicle, 24 February 1932, Page 5

DANGERS OF INFLATION.

PROF. GREGORY ON EXCHANGE.

ADVANCEMENT OF RATE WOULD BE difficult TO CHECK.

(By Teiegraph— Pr ess Association.) WELLINGTON, Wednesday. Professor Gregory, the eminent economist who was" associated with Sir Otto Nicmeyer in investigations made into Australian Federal and State advances, and who later came to Welling ‘ton in advance of Sir Otto as the guest ot the Government, has been consulted with the object of obtaining the best opinion in the city of London on the question of advancing the rate of exchange, New Zealand on London. His attitude is made plain in the final sentence from hi s opinion as cabled out. ■*-k e f ( e^ ter *ce is as follows: Even, if it affects his (the farmer’s) receipts more favourably than it affects his puts unfavourably* the influence on the Government, on wages generally, and on the credit of New Zealand have also to be taken into serious consideration, as well as the danger that a movement of this kind, once initiated, may be difficult to check. ’ ’ Professor Gregory's opinion was furnished to the National Bank of Now Zealand in response to a request to headquarters for the independent opinion of a British economist of high standing on the New Zealand exchange position.