RATES OF EXCHANGE.

Waikato Times, Volume 109, Issue 18254, 16 February 1931, Page 3

RATES OF EXCHANGE.

EFFECT ON LOCAL BODY. HARBOUR BOARD WATCHFUL. The bearing which existing rates of exchange may have on the finances of the Wanganui Harbour Board was referred to at the board meeting by die deputy-chairman (Mr P. lligginbottom). He considered that the ratepayers should be made aware of the fact that the Board would very likely have to face linding a further £IOOO to £2OOO to meet the altered conditions as affecting interest remitted in favour of loan indebtedness. “It is a matter we will have to be careful over,” lie added. "1 don’t think the public understands what itlie exchange position really is.” He pointed out that private individuals were experiencing difficulty in sending money to London. Thirty-eight per cent they had to pay in London. Mr J. .Morrison predicted improvement when the wo : ol now being stoied was liquidated. It had to be sold some time or another, he said. “I don't think we should slump into the ratepayers now," he added. Ready To Face Position. "I agree with Mr Morrison,” Air Hlgginbottom replied. "We must be ready to face a position that may arise. We have touched bottom and an improvement is bound to come, but it will take time for the financial position to readjust itself. We will not see much improvement heie until \ustralia improves.” The secretary (Mr W. J. Gardner) pointed out that the next payment the Board had to make to London fell due in May and Board members felt hopeful that Ihe rates of exchange would have a more favourable tone by that time. Referring to the finances of the Harbour Board generally, Mr Iligginboftom pointed out that they were just about holding their own. Matters had not gone back as far during the last three months as had been the case in the corresponding period last year. They were £IOOO hack and lie would like to know' whether the position would be aggravated by September, the end of the Board s year. The secretary: That is impossible to say.