AMERICAN FINANCIAL CRISES.

Dominion, Volume 1, Issue 144, 12 March 1908, Page 9

AMERICAN FINANCIAL CRISES.

STATEMENT. BY SIR J. WARD.

Speaking --to - a Dominion reporter : regarding .-the; settled ;state}' again of. the money imarket at after: the recent, American' crises, the'. Premier t .mentioned 1 ,tlie ; 'Bill'. now before the United States Congress (introduced ■by ~ Mr.'. jC.,• N.v Fowler j...Chairman, Vofc the Banking and 1 Curroncv . Committee) i for .providing.! for' ./.national. i guaranteed;^.bank i credit'notes.. in; America., If this Bill passed ..Congress, lie believed it would/ bo; -found-.that in;,tlio years to coino! the. effects .that' upheavals, in' America,, .as recently,had .upon the British financial .position in ;tlie !'ynthdrawal,^6f ; gold '.would': ceased '-.The. . Bill proposed 1 , to :have lan'i dssured ; .;riote lour'rendy.v.: 'Intimes■'of;Vcnsis ..great financial' institutions there would/not hav'o ,to .hold. ;gold .to; satisfy depositors rushing for' their imouoy: This-would'be. similar, to the ; policy • pursuedthy ■ the .Bank of England, and. which: hati'lind tho 'effect of stopjiihg' "runs' 'i that 1 ; had , been . so. disastrous : in . ipast times. ■America' was. so huge' that:.'oren.;the centreing of gold in, any of dier great cities could icreate'"a > panic f, witliin| her; own .bordors.N; If jithp . proposal .'now'- bbforo ■ > Congress were passed—which, from tho.reports,' seemed be-' •,youd all guestiori—it : would'havo a marvelilously.'st'eadyirigVeffect in ..times: of. crisis; .< ; Sir. Joseph'said that the,;laiest advices the had'received jvero'that flip dis■countirate/.at.' Homo. stpodj,at..3 i per', cent. The readjustment -of ,'the'money inarlcet hero out. what lie. had foretold tfiwards tho- end i'of! last- year.' -Replying *to.-.a.;qu'estioh, the .'Premier : said' that New.: Zealand did not' re- ■ qui^o'to.-go ; to>.Englahdi, for'anymoney, v,