TRADE BILL

Hokitika Guardian, 22 November 1933, Page 5

TRADE BILL

HOUSE DEBATE MR COATES AND N.Z. EXCHANGE. (Per Press Association — Copyright.)

WELLINGTON,.November 22

The Trade Agreement (New Zealand » and Australia.) Ratification Bill, -and the Coinage Bill were passed by the Legislative ' Council .yesterday. ,v The Budget’debate wafe concluded in the House of Representatives. - Replying to the debate, the .Hon. ,T. G. Coates said that, from some quarters .it 'had been contended that the, budget was, tooj,pessimistic,' while from others it had been • contended that the document wag" too . optimistic. ■ He thought, therefore, that he was justified in saying’ the Minister of Fin a nce, as representative of, the Governmen>., nau' struck ,a line that " was correct and represented' the facts of the position. There had been a great deal of criticism on the question of thg. exchange rate and it had been declared that provision should, have been made in the budget for the loss of tiyenty-five pounds on each hundred of surplus sterling assets held in London., Mr Coates 6 a:d s uch a contention presupposed that these assets would he sold at par,- .whereas the budget. had definitely . stated that th e ex- 1 change ra<te would not be reduced this export season.. • Replying to the speech by tli e Hon. W. Downie Stewart, Air Coates, sa’-i the latter had marie his own position clear last January, and might reasonably have been expected to have allowed th« Goverment tlMk opportunity to carry its policy to a 'completion, but, 1 : instead of that, he had merely repeated his protest. The .Minister declared the s^a I '®-- ment that hostility on the part ot British farmers, had been aroused by the high exchange rate, was quite incorrect, and • lie' did not see how Mr ; Stewart could justify such an assertion. ■Mr •- Coate ß ; asserted that the . trading position - had, had nothing to' do with, the proposals ; (quotas,,' which , were solely the outcome of the British farmers’ •“ anxiety to .’" obtain satisfactory, prices for.their pwn ,'produce. •. The. House roee at 12.10 a.m. -