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Friday, 5 April 1946

Mr CHIFLEY - The question deals with a fairly difficult subject. Any change, or move to make a change, of the exchange rate could have very serious repercussions, particularly upon the primary producers of Australia. I am sure that they would not desire any alteration at the moment, and perhaps for a long time to come. Exchange rates are not fixed to-day. according to the principles that were generally accepted in the past, when the evenness of the flow of trade between two countries governed the exchange rate between those countries. The present rate of exchange with Great Britain has existed for a long time, and one would have to trace monetary fluctuations back to the time when the rate was last changed in order to explain the position. I say frankly that I have no intention of discussing the matter at this time.

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