CO129-525-3 Estimates 1931 and other financial papers 16-1-1930 - 1-9-1932 — Page 37

37

has lem

year now,

in operation for a whole

introduced

since it was in

as from 1st Jan 7, 1930.

•

A fall in exchange from 1/6

in a few months

is al

to under 1/-5

catastrophic.

is now

basis

and over

be

The exchange rate

50% less than the

the Commission's recommendations

33% 9% less than the basis

on which the Goot bridgetted in

introducing the new scheme. This

represents

an

entirely

new situation,

When we have the additional

facts (1) that world frices have

fallen with a run

in the bast

year

so that "gold" cost of living

in I.K. has been considerably reduced and (2) that internal forces have not risen to correspond with the fall in the silver exchange, the it seems