SHOULD ACCRUE TO THE STATE
FINANCE MINISTER'S STATEMENT
DEPRECIATION AT EXPENSE OF PEOPLE
Reasons why any profit on gold reserves arising out of Government action should accrue to the State were stated by the Minister of Finance (the Rt. Hon. J. G. Coates),when speaking in the House of Representatives last evening on the introduction of the Reserve Bank of New Zealand Bill. Mr. Coates said that any profits that might be obtained from the sale of gold reserves arose not out of banking, but, first, out of Great Britain going off the gold standard, and, second, out of the depreciation of New Zealand currency in terms of sterling, both as matters of monetary policy. Mr. Coates pointed out that the depreciation had been atthe expense of the people and not of the banks, and it followed that any profit should accrue to the State. The Minister referred in some detail to the course which had been followed in other countries.
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https://paperspast.natlib.govt.nz/newspapers/EP19331020.2.30.1
Bibliographic details
Evening Post, Volume CXVI, Issue 96, 20 October 1933, Page 4
Word Count
160SHOULD ACCRUE TO THE STATE Evening Post, Volume CXVI, Issue 96, 20 October 1933, Page 4
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