steve, although i don't know the contax g itself, but these buttons on autoexposure cameras are for overruling the decision of the light meter.
Say the meter sets a sh speed of 1/250 at aperture f/16 because you have a strong lightsource like the setting sun (what a disgusting example!) in the frame. But you don't want the strong lightsource well-exposed and the rest underexposed, right? So you override the meter's decision by "exposure compensation" of say, one stop over (one stop plus). That is, 1/125 and f/16.
Same idea with negative (under) exposure compensation, just the other way around.