EXCHANGE INDEMNITY.

Wairarapa Age, 8 April 1933, Page 5

EXCHANGE INDEMNITY.

DENIAL OF MISLEADING REPORTS. GOVERNMENT not concerned OVER OUTLOOK. STATEMENTS BY MINISTERS. WELLINGTON, April 7. The Premier (the Bt. Hon. G. W. Forbes) and the Minister of Finance (the Rt. Hon. J. G. Coates) both made denials to-day of statements that the Government was concerned, after receiving the first quarter’s returns from the banks, over the amount which would have to be found for the exchange indemnity by the end of the year. Mr. Coates declared that it could be stated quite definitely that neither he nor the Government was concerned in the slightest. There was no truth whatever in the statement that indications already were that the Government Would be embarrassed in finding sufficient to indemnify the banks on account of exchange surpluses at the end of the year. It would, be entirely misleading to accept the first quarter’s figures as a true indication of the year’s Working. The Government did not anticipate having to find more on account of the indemnity than was at first expected.

Mr. Forbes remarked: “We will see it through all right,” and added that there was nothing abnormal in the figures to date, and nothing to indicate that the position at the end of the year would be otherwise than as predicted.—(P.A.)