AUSTRALIAN FINANCE.

New Zealand Herald, Volume LXIX, Issue 21163, 21 April 1932, Page 9

AUSTRALIAN FINANCE.

EXCHANGE POSITION.

NO ALTERATION INTENDED.

DECISION OF BANKERS.

By Telegraph—Press Association—Copyright

(Received April 21, 12.85 a.m.) MELBOURNE, April 20

A statement implying that there will be no alteration in the exchange position was made at the close of a meeting of the board of the Commonwealth Bank this evening by Sir Robert Gibson. There had been a good deal of speculation on this subject, he said, utterances having been made in certain quarter? about the proper function of exchange in relation to the economic life of Australia.

" I wish to say that the board is not to be swayed by sectional interests," said Sir Robert, " but will continue, while it is in control of the exchange position, to perform its ta?k in the interests of the Commonwealth generally, irrespective of criticism." UPPER HOUSE CASE. PRIVY COUNCIL HEARING. ARGUMENT FOR RESPONDENTS. (Received April 20, 8.45 p.m.) LONDON. April 19. The appeal of the. New South Wales Government to the Privy Council in connection with the proposed abolition of the Upper House was continued to-day. Mr. W. Greene, K.C., one of the counsel for the respondent, members of the New South Wales Legislative Council, continued his argument to-day. Their Lordships agreed to the request of Mr. D. Maughan, K.C., that Mr. J. G. Latham, Federal Attorney-General, be heard on Friday, and the case was adjourned until Thursday.