EXCHANGE BENEFIT

Poverty Bay Herald, Volume LX, Issue 18063, 13 April 1933, Page 13

EXCHANGE BENEFIT

BRITISH ORDER FOR N.Z. SAWMILLERS HELPED The representative of the beech suwmiliers of ,Southland and Otago. Mr. It. Raucltop, who left Great Britain by the Remuera last week after a six months’ trade mission concerned with the marketing of New Zealand silver beech in .England, in a letter to tlie Dunedin trade says of the exchange rate: “ Whether the fixing of the rate of exchange at 25 per cent, is for the good of New Zealand as a whole l do not know, hut it is, at this time, a, great help io us and means on this order alone approximately £1000.” The order referred to is for 500,000 superficial feet, which is already in the hands of millers. The position with regard to timber exports to Britain therefore will be that millers will have the benefit of practically 25 per cent, in exchange and 10 per ’rent, by way of the duty imposed by Britain ots foreign imports. When making inquiries among banking institutions at Home concerning 1 b(> likelihood of an early reversion of the exchange rate. Mr. Batiehop was told that officially the banks knew nothing, hut unofficially they thought any change unlikely for a long time, as tlie increase was now accepted in principle by the trading community and tlie people had become used to it.