FIJI EXCHANGE RATE

Otago Daily Times, Issue 21982, 17 June 1933, Page 12

FIJI EXCHANGE RATE

ELEVEN PER CENT. ON LONDON (Special to Dailt Times.) AUCKLAND, June 16. Legislation to confirm the fixing of the Fiji exchange rate at 11 per cent, on London will be introduced in the coming session of the Legislative Council of the colony, according to Mr J. Craig, Colonial Treasurer of Fiji, who arrived at Auckland by the Mariposa on his way to spend a seven months’ furlough in England. Mr Craig declined to discuss exchange as it exists between Fiji and New Zealand, but said the reduced rate on London had, been of material advantage to the colony in many respects. “The’ accounts for the year 1032 recently closed revealed a surplus of £18;500,” Mr Craig said. “ I do not think there are many countries in that position, and a small surplus for the current year has been budgeted for. .The figures for the first five months from Customs duties, which yield about half of ; our revenue, indicate that that surplus will be realised.”

Certain new tariff proposals were under consideration by the Colonial Office, Mr Craig said, and it was expected that they would be disclosed when the new Budget w r as placed before the Legislative Council early in July. A resolution passed last March empowering the commissioners of currency to buy and sell drafts on London at the rate of £lll for £IOO sterling would also be the subject of legislation. The commissioners had done a certain amount of business in exchange, but the banks had fallen into line, and the new rate was functioning satisfactorily.