MONETARY SYSTEM
QUESTION OF INQUIRY. REPLY BY MINISTER. Hamilton. Aug. 29. The opinion that any inquiry into the monetary system would be of little avail as a remedy for the present economic position was expressed by the Rt. Hon. J. G. Coates, Minister of Finance, in a letter received by the South Auckland branch of the National Beekeepers’ Association at a meeting to-day. Mr. Coates said that although New Zealand's present difficulties appeared to have focussed attention on the monetary and credit system, actually the root cause of the economic depression was not traceable to that source. Present financial conditions were due primarily to the fact that the tremendous decrease in export prices had upset the economic basis of this and other countries. Finally, the position was accentuated by the psychological factor of lack of confidence, which prevented business men from making use of the ample credit resources already available. In ths circumstances, it would be seen that any inquiry into the monetary system would be of little avail as a remedy for the situation.
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Taranaki Daily News, 31 August 1933, Page 3
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175MONETARY SYSTEM Taranaki Daily News, 31 August 1933, Page 3
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