SERIOUS EFFECTS

Poverty Bay Herald, Volume LIX, Issue 17945, 24 November 1932, Page 11

SERIOUS EFFECTS

INCREASED EXCHANGE LOCAL BODY PROTEST (Per Press Association.) AUCKLAND, this day. A meeting of representatives of the principal metropolitan local bodies discussed the effects of the suggested increase in exchange rates and decided to make a united* protest to the Prime Minister against any such action. The Mayor, Mr. G. W. Hutchison, said the extra burden on the city would represent a rate of 2d in the pound, and such an increase in rates could not he contemplated. It was possible that the City Council would be forced to ask the Unemployment Board to relieve it of the burden of unemployment, which at present was costing £II,OOO a year, INTERFERENCE OPPOSED (Per Press Association.) WELLINGTON, this day. •At the annual meeting of the Wellington Stock Exchange the chairman, Mr Bucholz, in the course of his address, referred to the exchange agitation. Unless handled by experts with practical knowledge of cause and effect in exchange, the reaction might have ’consequences more far-reaohing in effect •than the dairy control pool of a few years ago, he said. The repercussion of downward exchange from a high point was an evil that was certain to occur, yet could not be anticipated. It was highly probable to prove disastrous to the trading community in any case. In regard to the central reserve bank, he said ‘that with the whole world in the melting pot, it was hardly sound reasoning to push on with a measure of such importance till after the World Financial Conference was held in London. Mr Bucholz was re-elected chairman; Mr Martyn Hume, vice-chairman; aiul Messrs. E. Lawson, N. 8. Perry, and T. It. Lawson, the committee.