EXCHANGE RATE.
Will Government Suggest Increase? Importing firms in Christchurch have been somewhat uneasy during the past few days owing to reports from Wellington indicating that the Government may propose an artificial increase in the exchange rate as part of the scheme to readjust the financial position in the farming indxistry. Business firms, particularly the big importing companies, are considering a renewal of the representations to Cabinet against higher exchange. The agitation for high exchange among country members of the Coalitic n was responsible for the adjournment of Parliament on December 8 last to enable the Cabinet to form an alternative policy for the assistance of the primary producer. The representations of these members were then passed on by the Government to the Associated Banks; and when the banks decided against raising the rate the Government accepted their verdict. The Prime Minister (the Rt Hon G. W. Forbes) declared on more than one occasion that such a question was one entirely for the banks.
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Bibliographic details
Star (Christchurch), Volume XLIV, Issue 662, 16 January 1933, Page 7
Word Count
164EXCHANGE RATE. Star (Christchurch), Volume XLIV, Issue 662, 16 January 1933, Page 7
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