DAIRY INDUSTRY
THE EXCHANGE ISSUE. OPINION IN LONDON. Per Press Association. AA’ELLTNGTON, Sept. 19. Literesting comment on New Zealand’s action in raising the exchange rate was made by Mr AIL A. lorns, chairman of the New Zealand Dairy Board, who returned, from London on Monda.y. “Much has been stated here that the rise in the exchange rate had been responsible for the idea of the British Cabinet asking New Zealand to accept a restriction of the export of New Zealand dairy produce,” said Mr lorns. “That is absolutely contrary to fact. Not at any time during the discussions on the proposed restrictions did the British Cabinet take any exception to the raising of the exchange rate. “It is interesting to be told by several of the London general managers of the New Zealand trading banks that : New Zealand had no option but to ' raise the exchange rate as England and. Australia had altered the value of their currency to assist the country generally. One man stated that he was surprised that New Zealand had not raised the exchange rate 12 to 18 months previously. These statements were not made to me by anyone connected with an Australian bank that advocated raising of the exchange rate. “In discussing the position with many large exporters they expressed the opinion that the depreciation to the English pound had materially assisted them, and no exception could be taken to New Zealand doing likewise. I am sorry that the controversy over the exchange rate has not abated, and it certainly is injuring import trade by the suggestions put about that there were going to be early alterations in the exchange rate. “On several occasions it was pointed out to me by exporters that requests had been sent from New Zealand to them to forward protests against the rise in the exchange rate in New Zealand, but they pointed out how ridiculous it would be for them to do so when much benefit had accrued to their export trade by England depreciating her currency.”
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Bibliographic details
Manawatu Standard, Volume LIII, Issue 251, 20 September 1933, Page 4
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338DAIRY INDUSTRY Manawatu Standard, Volume LIII, Issue 251, 20 September 1933, Page 4
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