PROTEST MEETING

Hokitika Guardian, 21 November 1932, Page 6

PROTEST MEETING

AGAINST INCREASED EXCHANGE,

(Per Press Association — Copyright.)

WELLINGTON, November 21

A meeting at which Wellington Chamber a>nd Associated Cl lumbers of Commerce, New Zealand Harbours Association, a.nd Wellington Harbour Board, United Kingdom Manufacturers and New Zealand] Representatives Association, New Zealand Manufacturers Association, Canadian Manufacturers Association, Master Draper Association, New Zealand Federation of Ma;iter Drapers, Commercial Travelieis and Warehousemen Association, Electrical Federation, and Motor Trades Association, this morning carried the same resolution as that of the .].tn|orters Association wired on Friday, protesting against the attempt to force the banks to increase exchange.

Tli© motion was moved by Mr Salnioiid, president of the Importers Federal ion, the Mayor of 'Wellington seconding.

MERCHANTS ENDORSE POLICY, NON-ACTION BY GOVERNMENT. AUCKLAND, November 21. A meeting of Auckland importers and merchants to-day unanimously, rosolutionedl a,a endorsement of. the Governeiimt’s policy of non -in terf ei - - ence in exchange’ rates,. and as-erted that a high, rate was without econc ~i,ic justification and would be detrimental to the Dominion.

-Some discussion was heard on the question whether » high rate has benefited Australia, Mr J. B. Donald said Australia to-day was living on overdrafts and 1 the day of reckoning was bound to come bs there was too much paper nibney.^ The chairman, Mr Gninor Jackson, saidi Austrailia vfes reducing taxation in one way, hut it the same time she was arranging tor a £2,500,000 bonus to wheat- g owers. and there was a bounty for butter. He propbesised that if tli© exchange rate Were forced up here, reaction would come inside of twelve months and farmers would find that • naymfent ,of advances on produce by the banks would stop, and the money would not be available till the produce reached London. The exchange market would simply collapse and an enormous accumulation of funds in London would mean a great less.

Quite conceivable, it would b© six, twelve or eighteen months after the goods ware shipped, before the farmer would receive pavment.