EXCHANGE RATE
OPINION OF ENGLISH BANKERS DUNEDIN, April 10. Mr R. Bauchop, representative of the beech sawmiliet's of Southland god Otago, who left Great Britain by the Remuera last- week after t six monthkf th:ade mission concerned with 4he marketing- of New Zealand silver beech in England, in a letter to the local trade, says of the exchange rate. “Whether the fixing of the rate of exchange at 25 per .cent, is for the good of New Zealand, as a .whole 1 do not know, but it is at this time a great help to us and means on this older alone approximately £1000.” The order referred to is for 500,000 superficial foot which is already in the hands of the millers.. The, position with regard to timber exports to Great Britain therefore will be that the millers will have the benefit of practically 25 per ecu'-, in exchange and 10 per cent, by way of the duty imposed by Great Britain on foreign imports. Making inquiries among banking institutions at Home concerning the likelihood of an. early reversion of the exchange rate. Mr Bauchop was told that officially- the banks knew nothing, hut unofficially they thought any change unlikely for a long time, as the increase was now accepted in principle by the trading community and people had become used to'it.
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Bibliographic details
Hokitika Guardian, 12 April 1933, Page 2
Word Count
222EXCHANGE RATE Hokitika Guardian, 12 April 1933, Page 2
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