HIGH EXCHANGE RATE
DIFFICULTY OF GOVERNMENT SYDNEY JOURNAL'S COMMENT Commenting editorially upon the recent increase in the exchange rate New Zealand on London, Jobson's Investment Digest, Sydney, states that the New Zealand Government has placed itself in a difficult position in that it has agreed to purchase the surplus London funds of the New Zealand banks. During the past year, states the journal, the sterling surplus of exports over imports was £14,000,000, from which the Government debt charges took £8,000,000 sterling and municipal bodies £1.000,000, leaving approximately £5,000,000 to be acquired by the Dominion Government after meeting its own interest obligations. With exports reasonably maintained and a drop in imports this surplus should increase, notwithstanding which the high rate of exchange will probably continue to operate for some time.
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New Zealand Herald, Volume LXX, Issue 21423, 22 February 1933, Page 11
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129HIGH EXCHANGE RATE New Zealand Herald, Volume LXX, Issue 21423, 22 February 1933, Page 11
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