DOMINION'S GOOD NAME

Manawatu Standard, Volume LXV, Issue 2, 30 November 1944, Page 4

DOMINION'S GOOD NAME

ATTITUDE OE BRITAIN.

(Press Assn) WELLINGTON, Nov. 29 There was more goodwill shown towards New Zealand at Home than to any other part of the British Empire, and he had no hesitation in saying that this Dominion was the most popular in Britain, said Mr J. H. Lawrie, London manager and secretary of the National Bank of New Zealand, who has arrived on a visit to branches. Mr Lowrie is chairman of the British Overseas Bankers' Association and vice-president of the British Bankers' Association. He said that great admiration existed in Britain for New Zealand's war effort, also in other parts of the world. It had done much to enhance New Zealand's reputation overseas. _' Mr Lawrie said there were many inquiries in regard to immigration, but until New Zealand settled her immigration policy he did not think much could be done about the matter. Moreover, if Britain's policy of full employment for everyone was successful the need for emigration might nojb be so great. Discussing banking generally, Mr Lawrie said that bankers all over the world had in recent years recognised much more than formerly that in addition to their duty to depositors and shareholders they had a very substantial duty to the public, and that was one of the reasons why, in the British Empire at any rate, there was much closer contact between the banks and central banks and the Government. The fact that the Treasury and the central banks and trading banks were much closer together was very much in tho national interest. EXCHANGE AND TRADE.

Referring to the question of oxchange, he said there had been rumours of some alteration in the exchange rate in all the recent talks about post-war currency agreements, and stabilisation of exchange had been emphasised as a desirable goal. It seemed to him, therefore, unlikely that there would be any alteration of the exchange rates within the sterling area that for some time had been stabilised unless, of course, it became necessary through such an economic factor as maladjustment of prices. As far as he was aware there was no such maladjustment between New Zealand prices and British price levels. It was, of course, very difficult to be dogmatic, because price controls and subsidies made it hard to draw a fair comparison. He said British exporters would make a big effort to supply-the New Zealand market as soon as they pos sibiy could after tho war. The importance of building up the export trado again was very fully realised in Britain and British exporters were alive to the fact that they would have to make a great effort to expand their markets. In the early post-war years there should not be much competition in the New Zealand market from British manufacturers, but after the transition period was over any secondary industry here would have to be made an economic unit if it wanted, to survive;