EXCHANGE QUESTION
FAVOURABLE TIME AWAITED. Mil SAVAGE INTERVIEWED. (By Telegraph—Special to Standard.) WELLINGTON, Aug. 3. The exchange question was raised with the Prime Minister by an interviewer, who pointed to New Zealand’s large sterling balances and nsked if there was a likelihood of a variation in the rate shortly.
Rt. Hon. M. J. Savage replied that New Zealand’s balance had been high for quite a time and there had been no material change recently. “The question of. reduction of the rate of exchange,” he added, “is something that will have to be faced, but it i.s a matter of the favourable time to do it.” ‘ffs action likely to be taken shortly ?” the Prime Minister was finally asked.
“It is not going to happen immediately,” he replied, pointing out that the "greatest care would be taken, particularly to prevent speculation.
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Manawatu Standard, Volume LVII, Issue 208, 3 August 1937, Page 9
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140EXCHANGE QUESTION Manawatu Standard, Volume LVII, Issue 208, 3 August 1937, Page 9
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