EMPIRE CURRENCY
Sir, —Mr. Johnstone starts his argument on Empire currency at a wrong point. It is quite obvious that every seller and buyer on the London market secures and pays exactly the same for an equal quantity and quality of goods, our competitors having depreciated their currencies to enable them to stand the competition. The question is not to compare the position of different sellers and buyers on the London market to-day—we are all in the same queer street —but to compare what we'all received and paid before and now receive and pay after the 25 per cent exchange was imposed on us. Are our exports paid with sterling in full on the London quotations, or did a change take place immediately upon the passing of the 25 per cent exchange, thus, that, say, 1001b. of butter at Is per lb. was paid with 80s in London, as against 100s at the old parity? Why did our butter fall from 98s to 80s per cwt. almost simultaneously with the passing of the new exchange rate?
A Farmkr's \Viek
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Bibliographic details
New Zealand Herald, Volume LXXI, Issue 21911, 21 September 1934, Page 15
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179EMPIRE CURRENCY New Zealand Herald, Volume LXXI, Issue 21911, 21 September 1934, Page 15
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