THE EXCHANGE

Southland Times, Issue 21771, 28 July 1932, Page 6

THE EXCHANGE

PRESENT RATE SUPPORTED.

CHAMBER OF COMMERCE.

(Per United Press Association.) Wellington, July 27.

The council of the Wellington Chamber of Commerce last night adopted a report from its importers’ committee on the subject of exchange. The report expressed opposition to the attempts being made to diverge from a normal and natural rate of exchange and affirmed that the present rate of 10 per cent., although slightly higher than the conditions warranted, was in the best interests of the Dominion as a whole. The committee reiterated that if it was, found New Zealand credits were being used outside the country to the Dominion’s disadvantage, the Government should take immediate steps to prevent it. The committee viewed with alarm the statement from Mr W. Machin, president of the Associated Chambers of Commerce, bearing upon the subject of exchange rates. and said: “Although acknowledging that Mr Machin was then speaking as a private individual, it is not possible in the minds of the committee to feel he dissociates himself in such views from the position he holds as president of the New Zealand Chambers of Commerce.”