THE EXCHANGE RATE
TALK OF LOWERING IT DISMISSED AS FANTASTIC. STATEMENT BY MB COATES. By Telegraph—Press Association. Parliament Buildings, March 11. • Complete denial of persistent statements which were in circulation in Wellington y<: -iday to the effect that the Government proposed to alter the level of the exchange rate was given by the Bt. Hon. J. G. Coates last evening. "Any rumour to this effect is groundless," said Mr Coates. "No change in current rates, either up or down, is proposed. "While export prices remain as they arc there will be no reduction iu the rate. That can certainly be taken as correct. There may have been some differences of opinion as to the w-isdom of raising the rate, although it is being increasingly realised, even by many who opposed the rise, that the course taken was a wise one and was justified. There is no room for difference of opinion on the wisdom of maintaining the rate. To permit the rate to fall would be disastrous.
"Becognising this, the Government will maintain the exchange rate at the present level and ample notice will be given if at any future date an alteration is intended. For the present such a possibility can be dismissed as fantastic."
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Bibliographic details
Hawke's Bay Tribune, Volume XXIII, Issue 76, 11 March 1933, Page 7
Word Count
206THE EXCHANGE RATE Hawke's Bay Tribune, Volume XXIII, Issue 76, 11 March 1933, Page 7
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