EXCHANGE POLICY

Otago Daily Times, Issue 22052, 7 September 1933, Page 10

EXCHANGE POLICY

DEFENCE BY MR COATES SUPPORT OF COUNTRY SOUGHT (Per United Press Association.) WELLINGTON, September 6. The claim that the Government’s policy of exchange depreciation was entitled to the general support of the country, even from those who disagreed with it, was made by the Acting Prime Minister (Mr J. G. Coates) in his address to the annua] conference of the Fruitgrowers’ Federation to-day. Mr Coates said the Government had formulated its policy with a view to meeting the disparity between costs and prices, and had decided on its programme after full consideration of all aspects of the country’s problems. Their groat problem was to bridge the gap between prices and costs, and it was clearly the’ duty of the Government to assist in this task by a definite and clear-cut policy, and it had endeavoured to do all that was within its powers to tackle the problem. New Zealand had met the problem by economies, savings, and extra taxation, and depreciation of the currency within the country. It was a testing time for democracy. The test of democracy, he said, was whether the Government was to bo given the opportunity of carrying out its policy or not. It was necessary that the leaders of the country should be trusted, because they had formulated their policy after having access to all aspects of the position. “ The policy we .mapped out for ourselves in January last is entitled to the support of the country, whether some interests agree with It or whether they do not. I can say that we are entitled to the support of the press in the policy that we have launched. I read the press and keep in close touch with the press, and I cannot find support for that policy.” He said they wanted general co-operation and help, in the problems they were facing.