EFFECT OF EXCHANGE

Taranaki Daily News, 21 January 1933, Page 8

EFFECT OF EXCHANGE

ELTHAM MEN’S OPINIONS. DOUBTS OF THE FARMERS. Although introduced as a means of assisting the farmer the raising of the rate of exchange to 25 per cent, has Hot me: with universal favour with the farmers themselves, according to inquiries made at Eltham yesterday. There was a lack of enthusiasm for the project, and many farmers shook their heads doubtfully as to whether it offered any relief to their position. They considered that it did nothing to cut away the load of mortgage liability, and that any temporary increase in the amount received from the’ sale of produce would simply be taken away when they went to make their purchases, or that the additional money would go into the hands of the mortgagee or landlord and the farmer’s own purchasing power would not be increased.

Some farmers, however, had hopes that, while not offering a permanent solution, the extra money might be of assistance in carrying them through the difficulties of this year. By next year there might be an improvement in produce values that would make it possible for them to carry on.

Business men generally were very pessimistic as to the outcome and foresaw a big increase in their costs of obtaining imported goods. The anticipated difficulties when the extra cost of replacements had to be considered and added to the retail prices. Stationers, grocers, drapers and other declared that the prices of their goods would have to go up as they could not carry the, cost themselves, and they expected customers would have to purchase smaller quantities of goods and the total amount of their takings would be about the same as before.

Speaking of the probable immediate effects on a town like Eltham and not in a national way, certain benefits were expected, said Mr. J. H. Morton, president of the Eltham Chamber of Commerce. He said: “The raising of the rate of exchange will be of benefit to Eltham farmers and consequetly to local business men. The farmer is going to get so much more for his butter-fat, and is so going to spend more in the town. That means an immediate benefit to Eltham.”

Mr. Morton considered that although the raising of the rate would unquestionably mean a rise in the cost of living, in small towns such as Eltham the benefits accruing from the extra money that would be spent by the dairying community would outweigh the disadvantages of higher prices. TARANAKI POWER BOARD. REPORTS TO MONTHLY MEETING.'

The monthly meeting of the Taranaki Electric Power Board was held at Eltham yesterday, there being present Messrs. H. G. Carman (chairman), C. Foreman, J. Dobson, R. J. Knuckey, C. E’ McGuinness, M. J. Gemhoefer, H. J. Marchant and N. H. Moss.

The engineer (Mr. B. H. Goldsmith) reported that the number of consumers at December 31 was 2186. Units generated during the month totalled 905,200. The largest daily output was 30,800 units on Saturday, December 24. The maximum demand of 1728 k.w. occurred on the 10th, 12th, 22nd, 24th and 31st. Installations connected during the month were as follow, figures for the corresponding period last year being given in parentheses: Milking motors 1 (4), other motors 3 (2), stoves 5 (3), water heaters 1 (2), pumps 1 (4), new lighting and heating 3 (2), additional lighting and heating 12 (7). A short high-pressure extension with one transformer on Windsor Road was erected and livened before the holidays. The opening of the small portion of the Mangaotea tunnel at the western end was completed io water level, and preparations were being made to commence work on the short* piece at the eastern end. The bank and-finance statement showed receipts for the month as ' follow: Goods £l3B 16s. Id., current £4273 Is. Id., installations £122 3s. lid., interest £l6 Is. 9d., rates (1930-31) £26 10s. Bd., rates (arrears) £6 Bs. 9d., rent £4 25., benzine £3 os. 6d., sundries (power fund) £1 6s. . Bd., , sundries (loan advances) £2 55.; total £4593 16s. sd. Accounts for payment amounted to £4955 17s. 3d. With the previous debit balance of £4BB 19s. lOd. the present debit balance amounted to £BOl os. Bd. The balance-sheet was received from the Auditor-General without tag. A letter was received from the Public Trustee outlining the position of sinking funds under the provisions of last year’s Act.

summary of revenue receipts foi' the nine months ended December 31 compared with the same period of the previous year was presented. The total revenue was £33,834, compared with £40,805 for the previous year’s period. The main item was light, heat and power, which showed a decrease from £33,768 to £28,648 over the nine months period.

FRIENDLY BOWLING MATCH. STRATFORD DEFEAT KAFuNGA. Five rinks from the Stratford Bowling Club paid a visit to Kaponga on Thursday afternoon and were successful by 117 to 114 on points, though on games Stratford lost all but one. Details are:— K. S. A. V. Tait, Palmer, Thurston, V. Tait (s) 24 — Marsh, Williams, Clark, Amess (s) — 20 Taylor, Anderson, W. Anderson, Fallowes (s) 25 — Rudkin, Morris, E. Harris, Ewing (s) ..; — 20 Champtaloup, Law, A. Anderson, Williams (s) 18 — Summerfield, Douglas, Lyons, Harris (s) — 35 Webby, Davis, Bradford, Johnstone (s) 26 — Curtis, Sullivan, Pellow, Smith (s) ;. — 25 McNeil,! Jones, Hammersley, Johnson (s) 21 — Porritt, Wilson, McDonald, Allen (s) — 16 Total 114 117