EXCHANGE RATE

Wanganui Chronicle, Volume 75, Issue 280, 26 November 1932, Page 7

EXCHANGE RATE

A COUNT OF HEADS 59 ACCOUNTED FOR WELLINGTON, Nov. 25. The presentation to the Ministry of the rival signed memorials on the exchange issue has revealed that there are ten members outside the official Opposition -who, whatever their views may be, are not signatories to eithe: document. Twenty-five members of the Coalition signed the memorial in favour of a high pegged exchange. There are nine names on the document forwarded by the city group. The Labour Party, with Mr. E. T. Tirikatene (Independent, Southern Maori), represent 25 members, making the total accounted for 59. Excluding Mr. Speaker, and taking into account the vacant Motueka seat, 19 members still remain unaccounted for. Of these nine are Cabinet Ministers. The ten members left are all Coalitionists, and their names are: Messrs. Connolly, Healy, Jull, McDougall, Macpherson, McSkimming, and Smith (United), and Samuel, J. A. Nash and Dickie (Reform). As far as can be ascertained, Mr. Connolly is opposed to any violent fluctuations in the exchange, and he considers the rate should not advance by more than 5 per cent, on the present level. It is understood both Messrs. Healy and Jull wish to hear the considered opinion of the Hon. W. Downie Stewart before they define their posi tion. It would appear that Messrs. McDougall and Macpherson are against manipulation, while Mr. Me •Skimming definitely favours a free ex change. Mr. Smith’s views are un known. Mr. Samuel is in favour oi a high exchange, but it is said Mr Dickie is with the city members who signed the opposition memorial. Mr Nash has not indicated his attitude The Butter Market Low prices for butter he attributed to plenitude of supplies, combined with reduced spending power of practically all countries; actually supplies were almost continually in excess of the demand. Quota arrangements and higher import tariffs in Continental consuming countries diverted extra supplies of butter to the United Kingdom, causing specially low prices to prevail. For this reason the 10 per cent, preference io Dominions’ butter which came into operation during the year could not effect an appreciable improvement in values. At the end of Juno values, however, were showing signs of definite improvement in the middle of the year. The quantity of New Zealand cheese made during the year ended June 30, 1932, showed a shrinkage from the previous twelve months, and reflected a change over to butter manufacture in many quarters in consequence of the more serious fall in market values of New Zealand cheese in the season before. Except for a brief advance at the beginning of October last to 72s per cwt., market values for New Zealand cheese moved during most of the season between limits of 54s and 645. Consumption was often disappointing, at the lowest levels, and the cheapness of alternative foodstuffs, such as meat and bacon, was doubtless account able for this, Sir Harold believed. Since the end of June, values of New Zealand butter and cheese developed firmness, whilst, stocks w*jrr going into consumption satisfactorily, and are now in moderate compass. Other promising factors are an increas ing public preference for Empire pro duce and additional tariff discriminfl tions against foreign produce expect rto come into operation as the resul” of* the Ottawa Conference. Tn those circumstances, there appeared to be reasonable hope when he left England that more remunerative prices would be forthcoming during ‘he current "The quality of our choose is still the subject of adverse comment, and our methods of manufacture, in my opinion, need overhaulting.” added Sir Ha rold.