ECONOMIC CONDITIONS IN DOMINION
AUSTRALIAN PROFESSOR’S STUDY DWINDLING OF LONDON FUNDS 'U P A.—By Electric Telegraph—Copyright l (Received 26th November, 10.50 a m.) SYDNEY, This Day. Professor T. Hytten, economic adviser to the Bank of New South Wales, Who returned to Sydney after studying economic conditions in New Zealand, said that nervousness about the Government’s plans was apparent in New Zealand. “The most striking economic features about New Zealand 1 found are that the London reserves are dwindling rapidly, partly on account of heavy imports, and that there is definitely a flight of a certain amount of capital, some of which is going to London and some to Australia.”
Professor Hytten, who said that he discussed various problems with the Hon. W. Nash and others, added that the dwindling of London reserves should stop within the next month 1 or so. The general experience was that the reserve funds began to grow in December and the following months. “I made it perfectly clear that 1 considered exchange control must be avoided,” said Professor Hytten. “I pointed out that I considered this a dangerous game.”
Professor Hytten added that he found the morale of the New Zealand people to be good.
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Nelson Evening Mail, Volume LXXII, 26 November 1938, Page 10
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200ECONOMIC CONDITIONS IN DOMINION Nelson Evening Mail, Volume LXXII, 26 November 1938, Page 10
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