THE EXCHANGE QUESTION.

Manawatu Standard, Volume LII, Issue 306, 24 November 1932, Page 2

THE EXCHANGE QUESTION.

REACTION FROM HIGH POINT. DANGERS STRESSED. Per Press Association. WELLINGTON, Nov. 24. The annual meeting of the Wellington Stock Exchange was held last evening. The chairman (Mr Bucholz) in the course of his address, referred to the exchange agitation. Unless it is handled by experts with a practical knowledge of the cause and effect of exchange, the reaction might have consequences more far reaching in effect than the dairy control pool of a few years ago, he said. The repercussion of downward exchange from a high point was an evil certain to occur, yet it could not be anticipated. It was highly probable to prove disastrous to the trading community in any case. In regard to the Central Reserve Bank, he said that, with the whole world in the melting pot, it was hardly sound reasoning to push on with a measure of such importance till after the World Financial Conference had been held in Dondon in April next. Mr Bucholz was re-elected chairman, Mr Martyn Hume vice-chairman, ana Messrs E. Lawson, N. S. Perry and T. R. Lawson the committee. PROTEST FROM LOCAL BODIES. Per Press Association. AUCKLAND, Nov. 24. A meeting of representatives of the principal metropolitan local bodies discussed the effects of the suggested increase in exchange rates and decided to make a united protest to the Prime Minister against any such action. The Mayor (Mr Hutchison) said the extra burden on the city would represent a rate of twopence in the £l, and such an increase in the rates could not be contemplated.