RESERVE BANK CHAIN
Chief Virtue Pointed Out London, May 0. The "Midland Bank Review.” discussing the pending establishment of Central Banks in New Zealand, Canada and India, says that time alone will show whether they will contribute to a more intimate association in framing and executing a broadly conceived Imperial monetary and financial policy. Experience alone will also show whether the new banks will do within their, own countries something worth doing, but not previously done, or do better something already indifferently attempted. The chief virtue of the new banks will be the removal of doubt where the responsibility for monetary conditions rests. The most interesting gesture in New Zealand’s plans is as to the rate of redeemability of notes. That is within the discretion of the Reserve Bank. it would be untrue to say that New Zealand currency is on a sterling standard.
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Bibliographic details
Dominion, Volume 27, Issue 188, 8 May 1934, Page 9
Word Count
144RESERVE BANK CHAIN Dominion, Volume 27, Issue 188, 8 May 1934, Page 9
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