THE EXCHANGE PROBLEM.

Otago Daily Times, Issue 19277, 15 September 1924, Page 8

THE EXCHANGE PROBLEM.

CONFERENCE WITH BANKERS. (From Otjr Own Correspondent.) WELLINGTON, September 14. The present difficulty in regard to exchange continues, and apparently there is no immediate way of getting over it. At 9 o’clock on Saturday morning Sir Slassey had a conference with the representatives of the banks, but beyond a general talk and the eliciting of a certain amount of information nothing came of it. Apparently if any scheme is evolved to meet the present difficulty it must be initiated in London. It is often stated by those who have little or no knowledge of the problem that the banks are making large sums of money out of exchange, but such is not the case. It sometimes happens that the exchange is against a bank in certain transactions, and as a matter of fact the banks are not always keen about such business. They have even refused Government business. To-day Mr Massey said he had no information to make public regarding his conference with the banks’ representatives, but possibly he may have some statement to make to the House of Representatives when it meets again on Tuesday afternoon.