EXCHANGE QUESTION

Hokitika Guardian, 22 November 1932, Page 6

EXCHANGE QUESTION

PREMIER'S DEFINITE STATE-

MENT. ‘

(Per Press Association — Copyright )

WELLINGTON, November 22.

Another definite statement that it was not the intention of the Government to interfere with the hanks in regard to this question of exchange, was made by Mr G-. W. Forbes in reply to a large deputation organised by the New Zealand Importers Federation. He emphatically denied that any political pressure, was being brought to bear on the banks, but defended the right of the Government to consult with the management of toe Bank of New Zealand, which wag the Government's bank.

He scouted the suggestion that the central reserve bunk was being held out as a fever to the hanks, and seated definitely that the 'Gbyierlunenlt intended to nasw legislation this session. He also .stressed the necessity for reducing internal costs, and indicated that ome of the first things the Government would have to tackle, on the return of Hon. W. Downie Stewart, was the reduction in interest rates. ■EFFECT ON THE] TRANSPORT BOARD. BY RAISING OF EXCHANGE. .AUCKLAND, November 22. The chairman of the- Transport Board .(Mr All utn) said, at the Board meeting, that, if the exchange rate were raised to 25 per cent—but be could scarcely believe it possible—the Board would have to pay £20,000 exchange oil London interest payments, an increase of £12,000. It would be that all the good work done in try-ini'-' 10 get capital charges reduced ■ womd be nullified. M r H. G. R. Mason, M.P., thought that tlie Government should be asked to indemnify local bodies against any increased costs imposed by the high

exchange. The Board resolved t 0 ask the Prime Minister to take such action as would avoid placing additional burdens on local bodies.

NON-UNIONISTS. ASHBURTON, November 22. At Fairfield freezing works, eight non-unioni.sts accepted work. Twentyfoiip unionists carried out peaceful picketing during the morning. There •were no incidents.