EMPIRE BANKING

Press, Volume LXX, Issue 21296, 16 October 1934, Page 11

EMPIRE BANKING

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FREQL'EXT CONSI'LTATIONS IRGEI) (TKITEIJ rijr.s? ISaiH.I»-HOX- Br ELECTHIC (Received October 15, 10.40 p.m.) LONDON, October 15. The "Financial Times," in a leading article on Empire banking, recalls the announcement by the New Zealand Central Bank that no alteration in the London exchange rate wa s contemplated for a long time. It says equally important action w iU no doubt have to be taken by the other new Dominion central banks within a measurable space of time, and it is hoped that the New Zealand example will be followed and alterations in inter-Imperial rates be few and far between. Imperial monetary stability, says the newspaper, is the real basis of the Ottawa agreements. Imperial co-operation with London in this connexion is essential and postulates the need for some practical form of frequent consultations, in which London would listen to the Dominions besides seeking to adVise them. "Each Dominion, however, posKsses a full measure of independence in its internal monetary I policy which no one in London would seek to circumscribe.