THE PUBLIC CREDIT.
"Croesus" takes me to task for saying that "Mr. Coates had the honour of writing the first costless credit cheque for New Zealand by writing a cheoue drawn on the Reserve Bank for £22.000.000 when the bank had no assets." and proceeds to show that the bank did have assets, viz.. the London funds belonging to the State. He must surely mean that the bank merelv monetised those London fund*, a procedure that Mr. Lefeaux explained as being "really a very simple, although important, series of operations." I have been for years clamouring for the State to monetise through the Reserve Bank some of its assets in New Zealand by a similarly simple operation. Since it can be done with State assets held in London, it can also be done here in Vew Zealand equally well, so there is no need for further borrowing. C. R. MeDOXALD.
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https://paperspast.natlib.govt.nz/newspapers/AS19371001.2.53
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Auckland Star, Volume LXVIII, Issue 233, 1 October 1937, Page 6
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150THE PUBLIC CREDIT. Auckland Star, Volume LXVIII, Issue 233, 1 October 1937, Page 6
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