EMPIRE AFFAIRS

Northern Advocate, 29 October 1932, Page 3

EMPIRE AFFAIRS

£ A.CTTTEVEMENTS AT OTTAWA

ADDRESS BY AIR -COATES. (Special to “Northern Advocate.”) AUCKLAND, This Day. The Rt. Hon. J. G. Coates addressed a meeting of residents at Pukekoho last night on the Ottawa Conference. Reviewing its achievements, he said the object of the agreement was to raise the price level of our commodities. If the .level was not raised, he failed to see how wo gore to go on. It was thought by some that prosperity could bo secured by some wonderful manipulation of the financial system. This matter received close attention and Britain had declared she would provide, as far as possible, ample and cheap credit. .His personal view was that cheap money must necessarily* bring about a fall in sterling. He thought the British knowledge of finance would lead the world out of its present position, and that in nine or twelve months there would be an improvement in our commodity prices. By budgeting for a deficit, the Government had provided a breathing space, but it must be realised that we had practically exhausted our reserves and that to obtain a balanced Budget next year £3,500,000 must be obtained from some other source or saved by further reductions of expenditure. It was imperative that the economy campaign be continued in all directions without abatement. Permanent lightening of thy burden of expenditure must depend upon far-reaching changes to obtain equal service at less cost, or on a definite curtailment of State services.