FUNCTIONS OF CENTRAL BANK
EVIDENCE TO AUSTRALIAN COMMISSION
(Received April 1, 12.50 a.m.) SYDNEY, March 31. Sir Ernest Riddle, Governor of the Commonwealth Bank, gave evidence before the Royal Commission on the monetary and banking systems of Australia to-day. He said that the function of the Commonwealth Bank was not absolutely to control the aggregate volume of credit but to regulate it within the limits of its powers, statutory and practical, m the interests of the community He did not think the bank s function was to control or influence the distribution of credit as between industries but the influence of the Commonwealth Bank might at times be exerted on the trading banks to effect a more desirable distribution of credit. He expressed the opinion that there were still some gaps in the Australian financial structure, for the provision of long-term capital for small industries; and it might be useful to establish facilities for the making of long-term loans. The commission adjourned.
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Press, Volume LXXII, Issue 21747, 1 April 1936, Page 11
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162FUNCTIONS OF CENTRAL BANK Press, Volume LXXII, Issue 21747, 1 April 1936, Page 11
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