HIGH EXCHANGE BURDEN
OTAGO HARBOUR BOARD [»V TKI.KG R A I'll —OWN COHH ESPONnBNT] DUN El)l N, Friday "The present high rate of exchange is still reacting to the board's disadvantage, the cost to the board for exchange in respect of its London interest for the year 1934-35 boing £9239," states the annual report of the Otago Harbour Board. "It is obvious that expenditure of this magnitude is still a matter of grave concern to the board. It precluded both the carrying out of desirable harbour improvements and the granting of reductions in dues which the hoard would be in a position to consider were it not for the heavy impost of high exchange. "In tills connection it, will doubtless be of interest to mention that the total exchange on remittances to London paid since January 20, 1033, when the rate was increased to 25 per cent, amounts to the imposing total of £41,320."
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New Zealand Herald, Volume LXXIII, Issue 22468, 11 July 1936, Page 14
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154HIGH EXCHANGE BURDEN New Zealand Herald, Volume LXXIII, Issue 22468, 11 July 1936, Page 14
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