BRIGHTER TONE

Evening Star, Issue 21632, 30 January 1934, Page 9

BRIGHTER TONE

. MR COATES ON DOMINION FINANCES , EXCHANGE POLICY DEFENDED [Per United Press Association.} AUCKLAND, January 29. A hopeful view was expressed by the Minister of Finance (Mr J. G. Coates), speaking at the Heleusnlle Show. “ Our position is infinitely better than it was twelve months ago,” he said. “Our revenue is buoyaift, and, although we cannot avoid a deficit, it will bo much less than we budgeted for. There may be a lot of metropolitan criticism of the exchange rate, but I will always maintain strongly that the main source of the dominion’s prosperity comes from the farmers, and I can state that as a result of the raising of the exchange rate we have paid to the exporters nearly £8,500,000 in the first ten and a-half months of depreciated currency. From them the money has spread to the whole community. Any business man will admit that business is better this year than last year.” Referring more particularly to the difficulties of the dairy farmer, Mr Coates said that, while it was foolish to pretend that the situation was good, nevertheless it should bo faced with courage.