EXCHANGE RATE
The true exchange rate was not the nominal 125, but more like 150, as was admitted tacitly by the Minister of Finance, Mr Walter Nash, only the other day, said Mr J. Hargest (National, Awarua), speaking at the Town Hall on Tuesday evening. He went on to assert that the restriction of imports was a means of enabling the Government to handle more money, whereas if the exchange rate was wiped out the benefit would not be apparent in the coffers of the coffers of the Treasury. He knew there were two schools of thought in the advisory committee, and that the Cabinet elected to adopt control of imports. Actually, he would advocate removing the exchange restriction altogether, for the rate would climb upward, but it would balance itself and be less of a penalty on the primary producer.
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Bibliographic details
Te Awamutu Courier, Volume 58, Issue 4189, 26 May 1939, Page 6
Word Count
141EXCHANGE RATE Te Awamutu Courier, Volume 58, Issue 4189, 26 May 1939, Page 6
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