EXCHANGE POSITION

Waihi Daily Telegraph, Volume XXX, Issue 8450, 8 April 1933, Page 3

EXCHANGE POSITION

GOVERNMENT INDEMNITY TO BANKS NO CAUSE FOR CONCERN ALLEGATIONS DENIED By Telegraph—Press Association. WELLINGTON, rhis day. Denials of statements that the Government was concerned after receiving the first quarter’s returns from the banks over the amount which will have to be found for the exchange indemnity by the end of the year were made yesterday by both the Prime Minister, Hon. G. W. Forbes, and the Minister of Finance, Hon. J. G. Coates. Mr Coates said that any suggestion that the Government was worried over the position was entirely erroneous. There was no change in the position as it was estimated during the last session of Parliament and the Government did not anticipate having to find more on account of the indemnity than was at first thought. “We will see it through quite all right,” remarked the Prime Minister when interviewed. “There is nothing abnormal in the figures to date and Mr Coates is in close touch with the position. It is, of course, impossible to predict the result of the year’s operations with any minute degree of accuracy as the movement for lower prices for butter exports and the shrinkage of imports must have a bearing on the position. However, there is nothing whatever to indicate that the position at the end of the year will be otherwise than as predicted.”