RAISING OF EXCHANGE.

Manawatu Standard, Volume LV, Issue 304, 21 November 1935, Page 8

RAISING OF EXCHANGE.

NO HOSTILITY AT HOME. MR F. M. B. FISHER’S OPINION. AUCKLAND, Nov. 20. •'‘lt is utterly wrong to suggest that there is any hostility in England against New Zealand because of the increase in the exchange rate,” said Mr F. M. B. Fisher, a former New Zealand Cabinet Minister, who has lived for ninny years in England and who returned to New Zealand to-day by the Rangitata on a holiday visit. “Great Britain recognises that matters affecting the internal currency of a Dominion are purely a question of domestic concern. It is also recognised that had the New Zealand pound been kept closer to sterling a tremendous volume of the Dominion’s import trade would have been diverted to Australia.” Doubtless both Australia and New Zealand would have to come nearer to sterling some time in the future, Mr Fisher added, but that was a step which could probably be most effectively arranged in co-operation with th* British Exchequer. “New Zealand and her products are still regarded most favourably in England,” Mr Fisher said, “but the fact of the matter is that more cfVivo is needed to secure an expanding share of the British market. Oragnisations which control the Dominion’s exports m London do so most effectively, but they are severely hampered by lack of funds for advertising. It is not the fault of the Government, but purely of 4he particular industries concerned. “It must be remembered that many industrial firms or groups in Great BrinnnVino nothing of allocating £1 000,UUu a year for advertising expenditure. New Zealand exporters have extremely parsimonious ideas on the subiect. If'they were to spend £1,000.000 m persuading people in England to eat more New Zealand meat or butter and to acquire a taste for their products, they could rest assured that it m rmnnn their competitors at least£l,ooo,ooo to change the public mintl. 1 here is nothing wrong with the quality of New Zealand meat or butter; it is merely a question of using businesslike methods to stimulate a demand.”