ALLEGED EXPLOITATION

Timaru Herald, Volume CI, Issue 15456, 19 September 1914, Page 9

ALLEGED EXPLOITATION

BY BANK OF NEW ZEALAND. PREMIER TO .BE CONSULTED(Per Press Association.) NEW PLYMOUTH, Sept. 18. At the Harbour Beard meeting to-day the chairman, in mentioning tho amount paal by tlic Board for remitting money to Loudon recently, said that merchants and traders of New Zealand liad been advised to order as much as possible from England instead of reducing orders, and to pay promptly. Ho pointed out that the Banks were making ha id for this oworthy object to be carried ant, and went on to say that 011 the last remttanco the Board had made of money to London the Bank had raised the rate of exchange from one-eighth per cent, to sis-eighths, so it was evident that the Banks were taking advantage of the present trouble to put mcnev into their pockets. Mr Mux well contended that wliile there nrghfc be reason-for a. slight increases in the rate of exchange, there was no justification foy a rise of 600 per cent., which lie characterised as extortionate. The secretary stated that on the nrev'ous remittance the exchange had been £7 15s 6d, but the last had cost £4fs 12s 9d. _ ; Mr Bellrincrer expressed the opinion tl-.at if all t!»p institutions in tlie country adonted the same course it would*' mean absolute ruin. It was deefded to call the attention of the Premier to the notion of the Bank of New Zealand in this matter.