EXCHANGE RATE

Southland Times, Issue 22295, 10 April 1934, Page 5

EXCHANGE RATE

AUSTRALIAN POSITION ANY ALTERATION NOT JUSTIFIED INSTABILITY ABROAD (United Press Assn.—Telegraph Copyright.) (Rae. 9.25 p.m.) Sydney, April 9. Addressing the annual conference of the New South Wales Graziers’ Association to-day Mr James Walker, the president, contended that the general export position did not warrant any alteration in the exchange rate, and any reduction would plunge such Industrie. as meat, butter, wheat and base metals into chaos. He appealed for a lowering of trade barriers, and said he hoped Australia would forsake the road which led to prohibitions and restrictions, to national self-sufficiency and economic warfare, eventually to war itself. Discussing the wool outlook he said: “The future is more than usually uncertain by reason of the unstable international situation. The atmosphere is one which calls for caution and the consolidation of our position. There is a lack of balance in the situation, which demands that we should be on our guard against the creation of boom conditions with an over-rapid expansion of credit, speculation, the boosting of land values and the soaring of costs.”