FINANCIAL PROBLEMS

Press, Volume LIV, Issue 16358, 1 November 1918, Page 8

FINANCIAL PROBLEMS

LORD CUNLIFFE'S OOJEMITTEE'S REPORT. (RenWs Telegrams.) (Received October 31st, 7.45 p.m.) LONDON, October 30. Lord Cnnliffo's Committee, appointed laid January, has issued an interim report. It states that it is imperative that the conditions necessary for tho maintenance of an effoctive gold standard should b& restored without delay after the war. To effoct this, Government Borrowing must cease as soon as possible after the war. The machinery for making the bank rate effective must bo keptin working order. The issue of fiduciary notes must be limited by law as soon as practicable. The early resumption "of the circulation of gold coin is not necessary or desirable. While the import of gold should be free of all restrictions, its export should be subject to the condition that such gold or bullion has been obtained from the Bank of England for the purpose. All the country's gold reserves should be held in one central institution. All the banks should transfer any gold they hold to the Bank of England. A cable mesfeage dated London. January 9th stated:—The Minister of Reconstruction has apiTointed a committee of thirteen to consider problems in connexion with currency and fore'gn exchange during the per'od of reconstruction, and to report on the steps reqirred to restore normal conditions. Lord Cunliffe is chairmnn, and Lord Inchcsipe, Mr Jeans, of tho Bnnk of Australasia. and Sir Charles Adl's, of the Hong-Kong and Shanghai Bank, are members.