INOPPORTUNE.
N.Z. CENTRAL BANK. Proposal Adversely Criticised In London. NO URGENT NEED. (United P.A.—Electric Telegraph—Copyright) (Received 10 a.m.) LONDON, October 2. A Sydney "Sun" message says that authorities in the city criticise the proposal to establish a New Zealand Central Bank. They consider that the absence of an international monetary standard makes it inopportune. They contend that owing to the smallness of the population and the lack of an organised money market New Zealand has 110 urgent need of a Central Bank. It will be difficult to control exchange and manage currency when it is not definitely known what the currency backing will be. The taking over of the gold holdings j of local banks will involve controversy, as the banks will not sell on the basis of the Bank of England's statutory price when they can obtain more in the open market.
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Bibliographic details
Auckland Star, Volume LXIII, Issue 234, 3 October 1932, Page 7
Word Count
143INOPPORTUNE. Auckland Star, Volume LXIII, Issue 234, 3 October 1932, Page 7
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