SERIOUS EFFECTS

Poverty Bay Herald, Volume LIX, Issue 17946, 25 November 1932, Page 8

SERIOUS EFFECTS

INCREASE IN EXCHANGE BANK DIRECTOR’S VIEW (Per Press Association.) ■ WELLINGTON, last- night. - Disagreement with the proposal to artificially raise the rate of. exchange tvas expressed by' Sir Harold Beauchamp, who returned to Wellington in the Rangitane. • Though he does not. welcome a bounty as an alternative method of assisting primary ..producers- die considers this would be .the lesser of the fjwo evils, - In an interview, Eir 'Harold said that during his stay in London, as a member qf the local board of the Bank of -Nipt f - Zealand, he was constantly in touch with eminent financial authorities. Those men earnestly desired to bring about an expansion of trade between Britain and Now Zealand, and .were hopeful that the expansion would.come as the result bl ! the Ottawa 'Conference, but they view with apprehension a,ny attempt to raise .the rate of exchange unduly, as this would seriously affect the import trade of the Dominion. Sir Harpld. said also that it would offset ib a large .measure the advantages gained by. way of preferences arranged at the Ottawa Conference. “I understand, however,” he said, “that, this is a 'burning question in New Zealand at the present time, and the outcome of the move to raise exchange .will remain 'to be seen.., I have my own opinion on the subject, but I do not know the minds of my fellow directors.”