LONDON RESERVES
DOMINION GOVERNMENT RAPIDLY DWINDLING SYDNEY PROFESSOR'S VIEWS SYDNEY, Nov. 26 The economic adviser to the Bank of New South Wales, Professor T. Hytten, who has returned to Sydney after studying economic conditions in New Zealand, said that nervousness about the Government's plans was apparent in the Dominion. "The most striking economic feature I found about New Zealand was that the London reserves are dwindling rapidly," ho said. "This is partly on account of heavy imports and that there is definitely a flight of a certain amount of capital, some of which is going to London and some coming to Australia."
Professor Hytten, who said he discussed various problems with the Minister of Finance, the Hon. Walter Nash, and others, added that the dwindling of the London reserves should stop within the next month or so. Tlio general experience was that reserve funds began to grow in December and in following months. "I made it perfectly clear that 1 considered exchange control must be avoided. I pointed out that I considered this a dangerous game," said the professor. He added that he had found the morale of New Zealand people to be good.
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Bibliographic details
New Zealand Herald, Volume LXXV, Issue 23206, 28 November 1938, Page 11
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194LONDON RESERVES New Zealand Herald, Volume LXXV, Issue 23206, 28 November 1938, Page 11
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