NEW ZEALAND FINANCES.
At the present time, when New Zealand securities have been heavily bought as an alternative to War Loan and yields have dropped to 41 per cent. or less, special interest attaches to the able review of New. Zealand's economic and financial position given by Sir Austin E. Harris, K.B.E., on the occasion of the annual meeting of the National Bank of New Zealand, of which he is Chairman. Sir Austin showed how heavily New Zealanders are taxing themselves in order
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Financial Notes
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to meet their obligations, and expressed the opinion that, as New Zealand people had never failed to meet all calls on their courage and ability, they would not fail now. sie Austin also reviewed the exchange position very fully. This is a question which has become a national controversy as to whether a lower rate would be advantageous. On this matter, however, he pointed out that, so far as the trade position was concerned, an increasing surplus of exports over imports was being shown, which suggested that the present rate of exchange was not much out of line with the true equilibrium. The picture which Sir Austin Harris painted of the general situation was not particularly bright, but he expressed. his deep conviction that, though it was impossible to forecast the duration of the present deep depression, New Zealand would ultimately emerge and enter upon a fresh era of prosperity. Meanwhile, however, it was the duty of the Board of the Bank to maintain in these times the strength and liquidity of its resources.
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