EXCHANGE RATE
COMMENT BY BANKER. Relerring to the Australian exchange rate, when speaking at the annual meeting of the Bank of Adelaide recently, Mr H. W. Lloyd, chairman of directors, said that, although the high rate on London was helping primary producers to avoid the worst rigours of deflation, and although it might be unwise to make an alteration in the rate while currency experiments were taking place in other countries, the time was approaching when either the rate must be reviewed or attention given to the disposal of surplus funds which were steadily accumulating in London. “It is estimated that the favourable trade balance for the 12 months to June 30 this year will amount to approximately £40,000,000," said Mr Lloyd. “After deduction of payments for interest and invisible imports, this should leave a substantial amount available for either increased purchases of imports, which are undesirable, or for reduction of floating indebtedness, which, taking all the circumstances into consideration, presents certain attractions.’’
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Bibliographic details
Timaru Herald, Volume CXXXVII, Issue 19805, 22 May 1934, Page 10
Word Count
163EXCHANGE RATE Timaru Herald, Volume CXXXVII, Issue 19805, 22 May 1934, Page 10
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