EXCHANGE RATES

Nelson Evening Mail, Volume LXIV, 31 March 1930, Page 3

EXCHANGE RATES

•EFFECT OF INCREASE

(liy Telegraph .Special to "The Mail")

CHRISTCIIURCII, 291 h March

These higher exchange rates are going lo have a very considerable effect on our business staled tie malinger of », drapery ami furnishing firm in the city lu-day, vvlicu commenting on the recent increase in the rates. "Whereas we normally pay from U to ljj per cent, wo will probably be paying 5 per cent.. soon.

The position was causing a good deal of concern among business men, he added, as it was going to affect the profits. "As far as wo are concerned wo cannot pass the rise on immediately. Itwill probably moan thousands to us this year. Willi the general trade conditions as they are at present, business is bard enough to get and Wo can't afford to increase our prices. Accordingly we will have to suffer the loss ourselves."

Hardware importers also arc feeling (lit; position particularly as far as their contract work is concerned, as they work on a smaller margin of profit. "It will mean a 5 per cent, increase at least," one hardware man told a reporter. "In addition to the increased exchange rate, the tost of some of the. manufactured articles at home have also risen."