VALUE OF £1 NOTE

Nelson Evening Mail, Volume LXXII, 9 December 1938, Page 9

VALUE OF £1 NOTE

reply to prime minister AUCKLAND, Bth December, j Replying to the Prime Minister’s criticism of his statement yesterday that the ! New Zealand £1 note was now valueless outside the Dominion, Mr A. G. Lunn, past president of the Associated Chambers of Commence, said to-day that his remarks had been misunderstood by Mr “I know quite well our notes are not ! in actual circulation outside New Zea- I land, but before this week one could take New Zealand notes to the value of £IOO3 to the Reserve Bank and legally demand exchange on London at the current rate. To-day this is impossible., therefore the New Zealand note outside the borders of New Zealand is apparently valueless. I regret Mr Savage should introduce any question of party politics into tin’s matter, because I am by no means a party politician and have always avoided a paitv attitude in matters of commerce and finance, “Mr Savage says that ‘the value of the j New Zealand pound was reduced from I 20s to 16s Id by the Government Mr | Lunn supported.’ I am afraid he doesn’t i know which I supported, but in any case. I in company with many other business and * financial men, I am strongly opposed to the raising of the exchange artificially as was done in 1933.” I