PRIMARY PRODUCTION
ASSISTANCE IN AUSTRALIA
EFFECT OF DEPRECIATED CURRENCY.
REDUCTION IN COSTS.
(United Press Association —By Electric Telegraph.—Copyright.) Received September 16, 9.15 a.m. AIELBOURNE, Sept. 16.
Professor Copland, who is Dean of the Faculty of Commerce at the University, giving evidence beforo tho committee inquiring into the wool industry, said that Australia’s depreciated currency had been extraordinarily helpful to primary production, which was also aided by the seasonal conditions, the exports having increased by 26 per cent. Thero was no reason whatever for reducing the exchange rate. The depreciation of tho currency had also been accompanied by a reduction in costs. He pointed out that the depreciation of the currency and tho rise in tho exchange rate were regarded as symptomatic of unsound conditions.
At the present time Australia was 60 per cent, off the gold standard and 25 per cent, off sterling, and any attempt to increase the rate of exchango should be accompanied by an explanation of tire real position.
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Bibliographic details
Manawatu Standard, Volume LII, Issue 246, 16 September 1932, Page 7
Word Count
162PRIMARY PRODUCTION Manawatu Standard, Volume LII, Issue 246, 16 September 1932, Page 7
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