EXCHANGE RATE

Southland Times, Issue 22766, 17 December 1935, Page 8

EXCHANGE RATE

IMPORTANCE TO PRODUCERS. (Per United Press Association.) Christchurch, December 16. The importance to primary producers in New Zealand of the maintenance of the present rate of exchange with England was emphasized by Mr John Deans, chairman of directors of the Canterbury Frozen Meat Co., Ltd., at the annual meeting of shareholders dayAs long as the company s competitors in the British market had the advantage of the high exchange rate, said Mr Deans, New Zealand meat exporting companies must have the same assistance. The experience during the period when the Australian rate was higher than New Zealand proved this conclusively. Many of the companies lower valued products could not be profitably manufactured but for the exchange rate, unless freezing rates were increased. Referring to the accounts for the year, he said that although the profit was less than last year, the result might be considered satisfactory. The directors were continuing their efforts to restore the reserves to their former satisfactory position. The report and balance-sheet were adopted. The retiring directors, Messrs Herbert Elworth and Gordon Fulton, were re-elected unopposed.