EXCHANGE QUESTION

Wanganui Chronicle, Volume 75, Issue 281, 28 November 1932, Page 8

EXCHANGE QUESTION

MEETING OF CABINET

an announcement made CENTRAL BANK BILL WELLINGTON, Xo>. 26. ■■There ife nothing to communicate—that is all 1 have to say,” said the prime Minister (the Kight Hon. G. W. Forbes) this afternoon at the conelu sion of a fully attended Cabinet meeting, at which Mr. A. D. Park, Secretary of the Treasury, and Mr. G. C. Rodda. the Assistant-Secretary, were also present. Mr. Forbes intimated that Cabinet would continue its deliberations this atternoon. By inference he denied that rhe exchange issue had been under consideration, stating, in reply to a question, that the exclusive business before Ministers had been the Central Reserve Bank Bill, upon the provisions of which the advice of MrTownie Stewart had been sought. ••Will there be any definite announcement to night?” Mr. Forbes was asked. “No, I don't think there will be anything definite,” he replied. COUNTY VIEWS FAVOURABLE COMMENT L Per Piess Association.] AUCKLAND, Nov. 26. The think, of New Zealand's rateielief proposal is favourably received by county council representatives, who emphasise the difficulty that is being experienced in collecting rates at present. One official suggested that it would gieatly help the farmers if the Government arranged for the Highways Boaid to take over local bodies’ liabilities for interest an<l sinking fund •»n loans raised in the past for roads which aie now main highways. The president of the Auckland Far- j mers’ Union, Mr. Ross, said that de rating was what they had been agitating for for years. The trouble about the present proposal was that the re lief apparently would be for one year only, and the farmer wanted permanent help. The waiving of the land tax was a small matter and would help only the big men. “The next move is with the Govern ment,” said Mr. Oliver Nicholson, chairman of directors of the Bank of New Zealand, on his return from Wellington to-day. STEAMER FREIGHTS AMERICAN AND CANADIAN TRADES EXCHANGE SURCHARGE It is announced by all the steamship ompanies taking cargo for the United states and Canada that freights to Pacific and Atlantic ports and to inland Canadian and U.S.A. points, it paid at destination as is usual, are io be collected at par or exchange. In the event of shippers especially desiring to prepay at port of shipment in. New Zealand a surcharge for conversion and exchange will be made to bring the freight in New Zealand cur reney to the equivalent of the Amen <;an or Canadian currency applicable on the day before the vessel commences loading at her first port in New Zealand, such surcharge applying to the vessel’s total loading in New Zealand. This will place the freight paid as above on the same basis as freight payable at destination, which is col Iceted at the par rate of 4.86 lollars to the £. This change has been necessitated by the fact mat tne previous surcharge of 10 per cent, was not suf ficient to meet the current basis of conversion at the above points. ASSOCIATED BANKS WELLINGTON, Nov. 26. The chairman of the Associated Banks (Mr. J. T. Grose) had nothing to communicate to-day with reference to the meeting of the banks held yes ♦•rdav.