THE EXCHANGE POOL.

Taranaki Daily News, 9 June 1932, Page 2

THE EXCHANGE POOL.

(To the Editor.) ‘ Sir. —With the exporting season fast drawing to a effise, farmers will look back on perhaps the most disappointing year in living memory, and its passing will leave no regrets. Bad as it would have been, it was undoubtedly made worse by the operation of the exchange pool, introduced by the Government to enable it to meet its financial commitments in London. While sympathy can be felt for the Government in its difficult situation, surely it is most unfair that the full burden should be imposed on the primary producers. London credits, the property of the producers, should, be allowed to bring their true value, in free and open competition on the market, whether it be a premium

of 10 or 30 per cent. An exchange rate approximating that of Australia would greatly help the primary industries, and would in some measure recompense the farmers for supplying the people of this counip-y with foodstuffs and raw - material *at a price far below the actual cost of production. What has become of the producers’ exchange committee —those who set themselves up as the champions of the rights oi the producers, and were out to have this wrong righted? The president of the Farmers’ Union was formerly one of the stalwarts on the side of the exporters, and he evinced great zeal and enthusiasm in championing the case for a free exchange, but .now, in his latest reference to this matter, he merely, speaks of “having patience.” Well, we have had patience, but sterner qualities will have to bo displayed ,by those who claim to speak for the primary producers, if what is rightfully theirs is to be restored to them. Meanwhile the N.D.A. conference at Palmerston North approaches, and farmers are anxiously waiting to see what action will be taken by the leaders of the dairy industry. Let the farmers unite in demanding that the Government remove completely and immediately the present iniquity in controlling and commandeering the producers’ London credits. Under the exchange pool scheme the banks -are given a monopoly of the exchange business, and while'the primary industries languish, let it be noted that our leading bank pays its shareholders a dividend of over 14 per cent,, and this in a time of national emergency.—l am, etc., OPTIMUS.