UNFAVOURABLE EXCHANGE RATES.

Taranaki Herald, Volume LXVII, Issue 16506, 6 August 1919, Page 2

UNFAVOURABLE EXCHANGE RATES.

A HINDRANCE TO BUSINESS. Per Press Association. AUCKLAND, August fi. Sir Joseph AVard said that the fall in the rate of sterling exchange in America was no doubt very serious as affecting trade. AVhen ho was in Now York the value of the £ sterling was -1 dels. I'i cents, which at the pre-war rate was the equivalent of -18 s. That meant a loss of Id' per cent., and ho understood it had since fallen further. Unless an effort was made to maintain the rate of tho exchange at a normal figure it would be found to have a biuf effect upon trade, not only on that of Britain but of all countries America bought from or sold to. Our exchange from this country to Britain was far bevonfl what it should be, and in the interests of the financial institutions, ourselves and of the countries affected, there must bo found an effective remedy. As New Zealand is a groat selling countrv of natural products it is most important that something should be done. Ho would go fully into the matter as soon as he had the opportunity.