EXCHANGE RATE

Manawatu Standard, Volume LII, Issue 306, 24 November 1932, Page 7

EXCHANGE RATE

CITY COALITIONISTS’ IMOVE. TO INTERVIEW FINANCE MINISTER. (By Telegraph.—Special to Standard.) WELLINGTON, Nov. 23. The move which has been started by prominent city Coalitionists to organise unbending opposition to the political interference with the exchange rate has taken definite shape and arrangements are being made to have a well-signed memorial presented to Hon. W. Downie Stewart on his return to Wellington tomorrow afternoon. It is also hoped that the movement will have gained sufficient support to enable representations to be made to the Prime Minister and his colleagues on the following day. Those associated with the opposition to the high exchange agitation are confident that they will be able to present in the House a front strong enough to convince the Government that if the issue were brought to a head in the Chamber the fate of the Administration would be imperilled. “We are determined to stand foursquare in our opposition to any artificial raising .of the exchange,” said one of the city Coalitionists to-night. “We are counting the heads and we are quite satisfied with the result. Some have stated that they will go to any lengths to prevent interference.” The prominent oppositionists state that with the assistance of the three Independents, Messrs C. A. Wilkinson, H. M. ltushworth and H. Atmore, they have in sight at the moment twelve members who are prepared to resist political action to raise the exchange rate. It is pointed out that not all are necessarily low exchange advocates, since one or two subscribe to the view that a free exchange policy is desirable. The nine other members whose names have been mentioned in association with those of the threo Indpendents are Messrs R. A. Wright, A. Harris, W. A. Bodkin, J. A. Macpherson, A. J. Stallworthy, H. Holland, W. A. Veitch, H. G. Dickie and P. McSkimming. PROPOSED INVESTIGATION. OPPOSITION LEADER’S SUGGESTION. (By Telegraph.—Special to Standard.) WELLINGTON, Nov. 23. Mr H. E. Holland’s proposal to set up a representative Select Committee to consider questions affecting the economic crisis is still in abeyance, lit. Hon. G. W. Forbes stating in the House of Representatives to-day that the question of whether any good purpose would be served by appointing the committee had not been looked into. Mr Holland said that he had merely asked whether the Government would agree to bis moving of the motion of which he had given notice.

CANTERBURY RESOLUTION. “A FURTHER 30 PER CENT.” Per Press Association. CHRISTCHURCH, Nov. 23. “That this executive of the Farmers’ Union urges the Government to take immediate steps to remedy the present Lack of balance between money and prices which is exhausting the country by raising the rate of exchange on London at least a further 30 per cent., this being the only remedy in sight to save the whole country from bankruptcy.” The foregoing resolution was carried to-day at a meeting of the North Canterbury Farmers’ Union. A further resolution that the Government should take over the responsibility for fixing the rate of exchange was also carried.

HARBOUR BOARD’S RESOLUTION OPPOSED BY COUNTRY MEMBERS. WELLINGTON, Nov. 24. On th© motion of its chairman, Mr C. J. B. Norwood, the Wellington Harbour Board passed a resolution last evening opposing any artificial alteration ,to the exchange rate in London. Mr Norwood’s motion met with some opposition from Messrs M. A. Eliott and W. L. Fitzherbert, two country members, •who thought the board should not express any opinion on the subject. The resolution was carried, however by a large majority. Mr Eliott saia he had been rather surprised to see that the board had joined in a conference and had been represented at a deputation which had waited upon the Prime Minister in reference to the present exchange question. He understood that the conference and the deputation had represented a purely sectional interest, that of importers and others who were similarly placed. Mr Eliott submitted that as the board itself represented all sections of the community—importer's, exporters, producers, consumers, and the country as well as the city interest —he did not think that the board should take sides in such a highly contentious matter as that of exchange, particularly so when the board was an interested party. “We would be called upon to pay an increased exchange on London, and I think that this only makes the matter worse —the board taking sides in it. The board is apparently viewing the subject from an individual and parochial point of view.’’ Mr Norwood here interrupted Mr Eliott, saying that he thought he should explain that the Wellington Harbour Board had not been represented at any conference of the kind. The Harbour Boards Association of New Zealand had certainly been represented, and Mr Norwood himself had had a special mandate to attend the conference on the association’s “This thing is too big a matter for this or any other local body to pass resolutions on,’’ said Mr Eliott. ’’Those local bodies taking up such a strong stand are interest! parties and therefore not interesting themselves in the matter from a broad point of view.’ Mr Eitzherbert ventured to say that the farmers’ organisations and members of Parliament themselves were not competent to decide such a matter as the present one. It was a subject lor experts of the highest integrity. “Personally,” he said. “I think we should be in a much better position if we left it to those experts who in the past have attended to such matters, instead of passing any resolutions and coming into conflict with any part of the community whose affairs we attend to. He said that he would oppose the resolution. DAIRY EMPLOYERS’ RESOLUTION HIGHER RATE FAVOURED. The proposal to increase the rate of exchange on London was the subject of a resolution carried at the annual meeting yesterday of tho Welhngton Dairy Employers’ Union, held in Pal-,

merston North. The resolution was as follows: — . “That a telegram be sent to the Prime Minister informing him that this meeting of Wellington dairy factory employers, representing a membership of 93 co-operative factories, heartily endorses tne action of those members of Parliament who are moving for an increase in the rate of exchange as the best temporary means of averting wholesale bankruptcy among the farming community,”