POLICY REVERSAL
Discussing the position the Wellington Post says that commercial circles could not at first believe that the Government had yielded to the demand for a high exchange rate. "But those who sought official contradiction of the rumours were unable to obtain itv No reassurance would be given by the Government. Uneasiness to-day beeame alarm when the reports were supported by the widespread statement that the high rate policy had already been approved and that the Minister of Finance., the Hon. W. Downie Stewart, after strongly opposing this decision had tendered his resignation as a member of the Government. The profound impression this statement made far surpassed the effect of any recent political crisis. On every side are heard expressions of alarm and unbelief. Business men, not easily disturbed, voiced their grave fears for the future if the country were thus deprived of the services of the Minister whose courage, steadfast purpose and financial experience had been a firm foundation for confidence."
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19330120.2.40.3
Bibliographic details
Rotorua Morning Post, Volume 2, Issue 435, 20 January 1933, Page 5
Word Count
163POLICY REVERSAL Rotorua Morning Post, Volume 2, Issue 435, 20 January 1933, Page 5
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