EXCHANGE POLICY

Poverty Bay Herald, Volume LX, Issue 18255, 25 November 1933, Page 15

EXCHANGE POLICY

OPINIONS IN ENGLAND NEW ZEALAND’S DECISION “ I was pleased to find that bankers and commercial men I met in London, and the leading daily papers there, gave New Zealand credit for the sacrifices she had made and the way she had met the economic depression,” said Mr L. O. 11. Tripp, on his arrival, at Wellington from England on the Kangitane. “As regards the particular question of raising the rate of exchange, l discussed the point with prominent bankers, and was informed that in their opinion New Zealand was forced to follow Australia. New Zealand’s policy of raising the exchange was meeting with the definite approval of the more important commercial men in Britain, even though the exchange was directly adverse to them, said Mr J. W. Mawson, of Wellington, when interviewed on his return by the Rnngitauc from a visit to England. “I took an opportunity of meeting the heads of some big financial houses in London, and was definitely confirmed in my view that the policy of the New Zealand Government in raising the exchange was a sound one,” Mr Mawson said. “Personally, it hit me hard financially, but I still think it was a good move, and that was the opinion also of the chairman and managing directors of some of the largest English investment and trust houses.

“J also saw the heads of some of the ihig insurance, companies, which have big interests in New Zealand. They were considerably affected by the exchange, but these men were unanimous that New Zealand had done the best possible thing. One of them said, moreover, that we should not be in a great hurry to reduce it again.”