EXCHANGE RATE
COMMENT ON STATEMENT. AUCKLAND, Thursday. Comment on the Reserve Bank’s exchange rate statement was made by the Mayor, Mr G. W. Hutchison, who said he was extremely disappointed, as he had been looking forward to a reduction in the rate. It was most disconcerting to learn that the burden carried by some of the larger local bodies would hqvo to be carried for an indefinite period. The Auckland City Council, including the water department, was paying £49,000 a year in exchange. The charge for water could not now be reduced. The president of the Auckland Chamber of Commerce, Mr A. G. Lunn, expressed the opinion that the statement meant that the bank was warning people that it was useless to hold off their remittances, as the exchange would remain unaltered until circumstances compelled the bank to alter it. It was obvious that if we had another successful exporting season the accumulation of funds in London would make retention of the high rate impossible.— (P.A.)
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Bibliographic details
Wairarapa Daily Times, 20 July 1934, Page 5
Word Count
166EXCHANGE RATE Wairarapa Daily Times, 20 July 1934, Page 5
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