CURRENCY METHODS

Sun (Auckland), Volume III, Issue 669, 22 May 1929, Page 6

CURRENCY METHODS

EFFECT ON TRADE NO N.Z. STANDARD Currency methods and their effect upon producers and trade were discussed when a remit came before the conference concerning the adoption in New Zealand of British currency. That present currency methods press heavily on producers at times, and alterations by adoption of British currency would remove the pressure and facilitate trade generally with the Mother Country, was the of a remit from Marohemo. Mr. Petrie said that New Zealand’s money should be regarded as equal to that of Great Britain, in speaking for the remit. The present currency methods were not altogether desirable from the point of view of New Zealand producers, and it was considered that the existing methods were affecting trade. Captain Rushworth said that the ouly difference lay in the paper money. In Great Britain, the £1 note had reached the gold standard, but New Zealand had not reached that delectable state. The British £1 note was; worth more than the New Zealand ' one in the market, but when it reached here it was docked by exchange. The difficulty in making the British pound j legal tender here was that the banks ! made money by exchange. If the j notes were legal tender, none w ould; come to New Zealand, and exchange I would automatically drop out. Captain Colbeck said that gold could I be demanded as payment for goods j sent to London. As it was, interest and exchange amounts were the charges made in currency methods.

* )an ks were perfectly right in m .ing those charges, but they should make no further charge. The remit was carried.