EXCHANGE RATE TO STAY

Taranaki Daily News, 11 March 1933, Page 7

EXCHANGE RATE TO STAY

ALTERATION RUMOUR DENIED “FALL WOULD BE DISASTROUS.” FINANCE MINISTER’S STATEMENT. AMPLE NOTICE OF ANY CHANGE. (By Wire—Parliamentary Reporter.) Wellington, Last Night. Complete denial of persistent statements which were in circulation at Wellington to-day to the effect that the Government proposed to alter the level of the exchange rate was given'to-night by the Minister of Finance (the Rt. Hon. J. G. Coates). “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 are there will be no reduction in the rate; that certainly can be taken as correct.

“There may have been some differences of opinion,” Mr. Coates said, “as to the wisdom 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 a difference of opinion on the wisdom of maintaining the rate. “To permit the rate to fall would be disastrous. Recognising 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.”