HIGH EXCHANGE
ECONOMIC SHOCKS CAUSED. (Per Press Association.—Copyright.) WELLINGTON, This Day. Speaking at a luncheon tendered to him by the United Kingdom Manufacturers’ and New Zealand Representatives Association yesterday, Mr L. A. Paish, British Trade Commissioner, who recently returned from Great Britain, touched on the feelings of many people at Home in regard to the raising of the exchange rate by New Zealand.
There appeared to be a bitter feeling among certain sections of manufacturers and merchants that they had been subject to a series of economic shocks. Sanctity of contracts had long been a principle held in England. Anything that could be done here to minimise the shocks would be all for the good. The first shock was the raising of the exchange. Another shock was the action by the Auckland Transport Board in paying interest in New Zealand currency. Mr Paish said he did not think the exchange rate was going to have the lasting bad effect upon importers which many importers feared. It must be remembered that there was such a thing as balance of trade.
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Northern Advocate, 21 July 1933, Page 7
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179HIGH EXCHANGE Northern Advocate, 21 July 1933, Page 7
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