RATE OF EXCHANGE.

Lyttelton Times, Volume CXVIII, Issue 18412, 19 May 1920, Page 6

RATE OF EXCHANGE.

SIR JOSEPH WARD'S VIEWS, [Par Pnsss. Association.] WELLINGTON, May 13.'

Sir Joseph Ward was farewalled by tha Commercial Travellers' Club this afternoon. It was a most enthusiastic gath« ering. The chairman made it deal that they were farowelfing Sir Joseph Ward as a member of the association and a successful business man ratheK than as a politician. In the course o< his reply Sir Joseph Ward said that ha was going to England for the first tima in thirty-three years as a private indi> vidual, and he appreciated the freedom very much. One of the. things on which i he intended to talk with friends of hia in the United States and England was the adverse exchange rate, especially aa it affected New Zealand- He would tell his*friends in the United States hia opinion of the folly of trying to tain such a high adverse rate when the trade of both countries must suffer by it. He expressed the opinion that we xvould have to get an entirely new set of conditions to meet the altered situation, and that we must make up our mindsl that it would no longer bo possible to have all our exchange through Lor lon, because it was obvious that a. ver. toductive country libs New Zealand ought not to be penalised onl account of the adverse rate for the time being across tho Atlantic. He \vaa quite certain that New Zealand banking institutions should have established branches in the United States, and in turn United -States banks should be as»i lowed, to establish, lwia?hS| &*£»» J