Benefit of Exchange Rate

Manawatu Times, Volume 60, Issue 275, 21 November 1935, Page 6

Benefit of Exchange Rate

MINISTER QUOTES LOCAL ORGANISATION Interesting rofcrenco was made by lion. J. G. Cobbo (Minister of Justice) at his meetings in the back country oJ: the Oroua electorate yesterday to the flourishing position of the New Zealand Farmers’ Co-operative Distributing Co., tlie balance-sheet of which has just been publicly disclosed. The results of the year’s operations of tho company could, he thought, be said to fairly typify the advancement now possible of many of the farmers' institutions of the Dominion. “Congratulations to the management of the company are deserved,” continued Mr Cob'be. ‘‘All, either concerned with it or those interested to see an organisation dealing with the affairs of the man on tho land prosper, will be gratiiied to know that the times certainly piaint to a steadier prosperity than the outlook gave when the depression was first breaking. "Tho interesting balance-sheets of these companies which are showing marked progress have another message. They illustrato not only in words but in figures that the policy of tho National Government has been a sound one.

"Every party benefits from this progress—tho man on tho land and the city dweller. Tho unrelenting critics of tho Government’s oxchango rate will find something unpalatable in this paragraph in the Now Zealand Farmers’ Co-operative Distributing Company’s annual report: ‘Tho action of tho Government in widening tho exchange rato is now showing appreciable results, and with better prices likely to rule for primary products during the coming season, farmers will appreciate more than ever tho benefits accruing from the wise policy. ’ "The company, whose operations with the farming community are large, is frank in this' statement of the satisfactory effect tho widened exchange rate has had; it is clear evidence of the Government’s far-seeing policy.”