EXCHANGE RATE
POSITION IN NEW ZEALAND LONDON COMMENT (United Press Association—By Electric Telegraph—Copyright) LONDON, 16th June. The “Sun’s” representative says: “Informed quarters in London consider that a certain bank in New Soutli Wales will take independent action to raise the rate directly the New Zealand exchange pool is dissolved. This might compel other banks to follow. It is thought likely that normal forces will quickly lead to a reaction, even though market conditions are at an unjustly higher rate than at present quoted. Representations are being made to Mr Forbes at present to prevent further Government action, and prevent a rise in exchange before Ottawa.”
DOMINION BANKER’S VIEWS
(By Telograph—Press Association)
WELLINGTON. This Day,
In the event of the present rate of exchange between New Zealand and London being artificially raised, the disadvantages thereby accruing will more than outweigh the advantages. This is the opinion of Mr J. T. Grose, general manager of tho National Bank of New Zealand, and chairman of the Associated Banks, who spoke on the present, exchange situation last evening to the Victoria University College Commerce Society. “I am firmly convinced that our wisest course is to maintain the integrity of our exchange position,” he said.
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Bibliographic details
Nelson Evening Mail, Volume LXVI, 17 June 1932, Page 5
Word Count
200EXCHANGE RATE Nelson Evening Mail, Volume LXVI, 17 June 1932, Page 5
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