EXCHANGE RATE

Feilding Star, Volume 10, Issue 2977, 11 March 1933, Page 5

EXCHANGE RATE

NO CHANGE PROPOSED UNFOUNDED RUMOUR. -Mil COATES’S STATEMENT POSSTRIIJTY FANTASTIC Wellington ,March 10 A complete denial ol persistent statements which were in circulation in )\ ellington. to-day to the offecr that the. Government proposed to alter the level ol .tire exchange rate, vas given by the- Minister of Finance, th© Hon. J. G. Coates, this evening. “Any rumour to this effect,’ 7 said Mr Ooafies;,, “is .groiundless. No change- in the current, rates, either u)i or down, is proposed. While export prices remain as they are there will be no reduction in the rate. That can be taken as correct-. I’l here may have been some differences of opinion as to. the wisdom of raising tlig rate, although i't is being increasingly realised, even by many who opposed the rise, that the course taken was a wise one and was justified. '.I here is no room for difference of opinion on the wisdom of maintaining the rate. To permit ithe rate to fall world be disastrous. Recognising th-'«, the Government will maintain the. excising,-, rate at the present, let el. arid ample notice will be given if at any future date an alteration is intended For the preseii 1 ..:-, such a possibility can be di'SmjsSe as fantastic. ’