THE EXCHANGE RATE
Sir, —When tlio Reform Government increased this rate from 10 per cent to 'Jo per cent, thus bringing it on a par with the. Australian rate, it was compelled to this action by the serious financial plight of the farmers in New Zealand. If the Labour Party had been in power .at that time I firmly believe it would have done exactly the same thing. There is considerable criticism of this Government for not fulfilling its pre-election pledge to reduce or abolish the exchange rate. If it were to do this after introducing a 40-hour week for factories, and increased wages for the employees, the manufacturers in New Zealand would find it very difficult —if not impossible—to compete with the imported article, apart from the loss to the farming community. The Prime Minister stated some time ago that his party did not claim to be infallible, and if it found it was making any mistake it was manly enough to admit it. Therefore, if on the examination of all the circumstances, and the experience of 10 months in office, it finds that it would be unwise to tamper with the present rate of exchange, I venture to hope it will have the courage to announce that it will not entertain any proposal to do so. J. Thornes.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19361003.2.169.1
Bibliographic details
New Zealand Herald, Volume LXXIII, Issue 22540, 3 October 1936, Page 17
Word Count
220THE EXCHANGE RATE New Zealand Herald, Volume LXXIII, Issue 22540, 3 October 1936, Page 17
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.
Log in