TURNED DOWN

Rotorua Morning Post, Volume 3, Issue 611, 16 August 1933, Page 5

TURNED DOWN

! (Press Assn.-

ten million loan MR. COATES STATES THAT ■ AGAINST GOUNTRY'S * INTERESTS MUST CONTINUE TO STRUGGLE

-By Telegraph — Copyright).

Auckland, Tuesday Some months ago a deputation of business men; headed by the Mayor, Mr. Hutchison, submittedj a financial plan to Hon. J. G. Co'ates. Th'e plan iiicluded the raising of £10,000,000 in New Zealand for rehabilitation purposes. - • • .... Mr. Coates in a lengthy reply just received, says that in his opinion the. plan would not be in -the real interest . of -the Dominion. Without a' raise in the oversea price of our produets, anything the Dominion could do internally would probably act only in ■the direction of spreading the burden, without relieving the situation. ■-A compulsory loan would be a great mistake. Referring to the suggestion that £2,500,000 he used for the relief of unemployment, Mr. Coates said if relief pay rates were substantially increased, as suggested, the number of unemployed would increase considerably. The proposed subsidy of £3,500,000 to primary producers would cost more than that, and the country could' not afford both a subsidy and the high ex change. New Zealand must continue to grapple with her problems and adopt measures that would not hamper recovery. The present indications were that ■ the worst was over.