EXCHANGE ON LONDON
HIGHER RATE ADVOCATED. TO BENEFIT PRODUCERS. “The question arises whether it would.not be advisable for New Zealand bankers to allow the rate of exchange to go considerably higher than it is,” remarked Mr. W. Goodfellow, managing director of the New Zealand Cooperative Dairy Company, speaking at Hamilton on Monday night. The 10 per cent, premium exchange on London drafts was, he said, equivalent to a bonus on New Zealand ex-: ports., and had been of material assistance to the farming community. He thought it would be well for the exchange on London to go up to 15 or 20 per cent. The Australian exchange premium amounted to 30 per cent., and it was 40 per cent, in the Argentine. A bonus on exports by means of exchange would wreatly stimulate production, and alleviate to some extent the hardships of the producer. At the same time the effect would be to drastically curtail imports, and* should rapidly strengthen the Dominion’s financial position.
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Taranaki Daily News, 27 August 1931, Page 11
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164EXCHANGE ON LONDON Taranaki Daily News, 27 August 1931, Page 11
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