THE EXCHANGE RATE

New Zealand Herald, Volume LXX, Issue 21480, 2 May 1933, Page 13

THE EXCHANGE RATE

Sir, —As "Logic" in his reply to "Realist" now admits that tho high artificial exchange rate docs act detrimentally against imports of British goods, he must admit , that it also lessens the purchasing power of our British and only customers, thereby further reducing the prico obtained for our exports. It, therefore, actually reduces this nation's income, and does not, as Mr. Coates claimed, put £12,000,000 in our pockets. The exchange rate should be free; interfered with there is a never-ending chain of injustice. We should buy from England to our utmost capacity. When the world reverses its methods and encourages, iustead of restricting, trade, tha ships will sail again, the factories awake and hato and civil war give place to Rope and peace. Wo want the policy of casting bread upon tho waters and not that of tho daughter of tho horse leech crying "Give, give, give." Tho Coalition members were forced by Cabinet to pass tho measuro or place their opponents in power, but if private members can be fully convinced we are on the wrong road a change of policy within tho party is suYely possible. E. L. Reed.