AUSTRALIAN STATE NOTES.
THE GOLD EESEEVE. By Teleffraph-Press AssociatioD-Oopyrleai Melbourne, Tune 15. Replying to a criticism regarding the proposal to reduce the gold reserve, Mr. Fraser, Acting-Federal Treasurer, declared that the Commonwealth's was the safest note issue in the world. The Commonwealth State note issue has now reached a total of ,£7,000,000. The Act provides that up to this amount a gold reserve of 25 per cent, shall be kept against the notes in circulation. A pound for pound reserve must, however, be kept 11 notes issued in excess of
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Dominion, Volume 4, Issue 1155, 16 June 1911, Page 5
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90AUSTRALIAN STATE NOTES. Dominion, Volume 4, Issue 1155, 16 June 1911, Page 5
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